There are currently 37 million alt coins that exist today. Most alt coins continue to bleed and get smashed against Bitcoin as Bitcoin Dominance continues to surge. Even solid cryptocurrency projects like Ethereum and Polygon are continuously making new bear market lows on their bitcoin pairs. Two alt coins that have withstood Bitcoin's onslaught are XRP and Chainlink. Both XRP Dominance and Chainlink Dominance are still above the 2022 Bear Market Low. The chart below shows Chainlink Dominance at currently 0.32%. Chainlink Dominance is barely holding onto a thread bouncing off a trendline that has historically served as support/resistance. Everytime Chainlink Dominance has tagged the trendline, it has had a rally. This is the last chance in my opinion for Chainlink to expand its dominance in the crypto space. As communicated previously, I believe Chainlink has bottomed or is close to bottoming and getting ready to surge to $100+. If that happens we should see Chainlink Dominance hit the blue fibbonaci retracement resistance area at 0.84% - 1.19%.
Some analysts are saying before the bull market is over, we will see over 100 million alt coins being minted. Obviously, Bitcoin will hold the lion share in dominance over the cryptocurrency market, but there will be opportunities in a few alt coins like Chainlink and XRP in my opinion to gain dominance in the cryptocurrency market. Targeting Chainlink to gain at least 1% of the cryptocurrency market.
Some analysts are saying before the bull market is over, we will see over 100 million alt coins being minted. Obviously, Bitcoin will hold the lion share in dominance over the cryptocurrency market, but there will be opportunities in a few alt coins like Chainlink and XRP in my opinion to gain dominance in the cryptocurrency market. Targeting Chainlink to gain at least 1% of the cryptocurrency market.
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Chart of Chainlink Dominance
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.