Jean Baptiste Pavageau, a partner at quantitative trading firm ExoAlpha, says bitcoin continues to be affected by gains in alternative cryptocurrencies, or altcoins. Indeed, one way to measure this is looking at bitcoin’s dominance, which hit a 2020 low of 60.26% in August.
”The flattishness of the bitcoin price since the beginning of August allowed the altcoin market cap to grow quickly with an inflow from bitcoin traders toward altcoins,” said Pavageau.
”The flattishness of the bitcoin price since the beginning of August allowed the altcoin market cap to grow quickly with an inflow from bitcoin traders toward altcoins,” said Pavageau.
