Pentoshi Projects Relief Rallies For Ethereum (ETH) And Terra (LUNA)
According to widely followed crypto analyst known as Pentoshi, the crypto markets are flagging early signs of recovery. In addition to Bitcoin (BTC), the analyst looks into Ethereum (ETH) and Terra (LUNA).
Bitcoin (BTC)
Pentoshi shared with his half a million followers on Twitter that the latest Bitcoin bounce in dominance is a positive development for crypto market.
“First sign of health in the market because it helps eliminate the weak projects. I seriously can’t believe people can look at these tweets and not believe in it, which you look at dates, time, interactions and what happened.”
Bitcoin dominance is the ratio between the market capitalization (or market cap) of Bitcoin to the total market cap of the entire cryptocurrency market. In other words, rising Bitcoin dominance suggests that BTC is either growing faster than altcoins or they assets are losing value faster than BTC.
Altcoins will likely lose value faster than Bitcoin in the coming months indicating a flight from excess speculation toward value investing, Pentoshi projects.
“I know many people don’t believe in BTC dom. And those who don’t have lost a lot. Every single time it hits the ‘sell and walk away line’ alts have nuked 100% of the time. See notes on the chart. The market sheds the worst projects like a snake shedding its skin for new growth.”
Regarding Terra (LUNA), Pentoshi also sees a bounce in the horizon before the next leg down.
“LUNA. Bidding lower green to sell red. Have no problem buying some fear… In my opinion, R/R (risk/reward) more favorable for a short-term bounce then more doom.”
