Huge altcoin season is about to start as Bitcoin dominance takes a sharp fall. A lot of crypto currencies are showing signs of bottoming out against Ethereum. ETH had a strong rally and now, I feel that it is time for altcoins to shine.
Alt / Ethereum ratios got totally destroyed in past 5 weeks and now they seem to be forming bottoming structure.
One excellent example of this is Litecoin / Ethereum chart. You can see that the RSI is extremely oversold. Infact, we have never seen RSI this low. Litecoin is definitely under buy territory when you take a look at LTC/ETH pair. It has been under downtrend since 3rd February 2020, which is crazy.
LTC price in terms of ETH ratio has gone down from 0.33ETH to 0.13ETH. Many trade on cryptocurrency exchanges using ETH and that is why this ratio is important.
This also shows Ethereum has been outperforming most of the altcoins, especially the large caps like LTC, XRP, XLM, EOS and so on.
I think we are due for a pump and as the Bitcoin dominance goes down, more and more major altcoins like Litecoin, Ripple and Stellar Lumens will outperform both Bitcoin and Ethereum.