BTC, DOT, LUNA, AVAX, EGLD

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Bitcoin’s (BTC) dominance has dropped from about 48% on Oct. 20 to 42.3% on Nov. 7 whereas the overall crypto market capitalization has continued its northward journey. This means that the value motion has shifted from Bitcoin to altcoins.

CryptoQuant CEO Ki Younger Ju mentioned that Bitcoin whales are selling however this has not resulted within the breach of the sturdy assist at $60,000. He additionally identified that Bitcoin reserves throughout exchanges have continued to lower, indicating sturdy urge for food from patrons.

Crypto market knowledge day by day view. Supply: Coin360

The vast majority of the market contributors stay bullish on Bitcoin and anticipate a rally to $288,000 by the beginning of 2022, in response to a survey carried out by PlanB.

Actual Imaginative and prescient founder Raoul Pal additionally projected a bullish image for cryptocurrencies in an interview on Nov. 3. He mentioned the present bull run is unlikely to prime out in December of this yr and should extend to between March and June of the subsequent yr. Pal anticipates the attainable launch of Ethereum 2.0 and the chance of an Ether (ETH) exchange-traded fund being green-lit within the first half of 2022 will entice institutional buyers and set off a large rally.

On this bullish backdrop, let’s analyze the charts of the top-5 cryptocurrencies that will stay in focus and outperform within the brief time period.