With the help of my most recent script ROC vs BTC we can see that on the 4H chart we've been seeing some strong divergence, with Ethereum and Altcoins outperforming Bitcoin on a relative basis.
Bear in mind this isn't a case of comparing apples and oranges, where Alts always tend to "outperform" BTC during waves up and down due to higher volatility, the volatility is accounted for by measuring each ticker's ROC against it's own historical ROC and ranking it as a percentile. Then the same is done for BTC and the 2 are compared.
What does this tell us? Well one thing could be that if we wanted to play the long side on BTC in the short term it may be better to go long on an Alt that has been diverging and seeing strength during Bitcoin's weakness.
On a larger scale it may be a sign that in the short to medium term, we could be seeing a drop in Bitcoin dominance and a rise in the Alts.
Bear in mind this isn't a case of comparing apples and oranges, where Alts always tend to "outperform" BTC during waves up and down due to higher volatility, the volatility is accounted for by measuring each ticker's ROC against it's own historical ROC and ranking it as a percentile. Then the same is done for BTC and the 2 are compared.
What does this tell us? Well one thing could be that if we wanted to play the long side on BTC in the short term it may be better to go long on an Alt that has been diverging and seeing strength during Bitcoin's weakness.
On a larger scale it may be a sign that in the short to medium term, we could be seeing a drop in Bitcoin dominance and a rise in the Alts.
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