It’s been an explosive week for the altcoin market, but not for Bitcoin.
As Bitcoinist has extensively covered over recent days, a number of altcoins have surged higher. This list includes Dogecoin (DOGE), Chainlink (LINK), Synthetix (SNX), Cardano (ADA), and VeChain (VET).
BTC vs. altcoins Tron, Ethereum, Cardano, and Crypto.com since the start of 2020. Chart from TradingView.com
The recent price action has convinced some investors that an “altcoin season” is taking place. The term refers to the extremely strong price action of altcoins relative to Bitcoin in 2017 and early-2018.
But there are purportedly tell-tale technical signs that the “altcoin party” is over.
The Altcoin “Party” May End Soon, Says Analyst
Altcoins have been on a tear over the past few days as aforementioned. This has been marked by a sharp drop in Bitcoin dominance, the percentage of the cryptocurrency market made up of BTC.
But a trader says that the “altcoin party will end very soon.” He identified four reasons why this is the case. They are as follows:
Bitcoin dominance has reached a weekly support horizontal.
BTC has traded in a single range for over 70 days. BTC is likely to break the range soon and lead the market.
Market volatility is “at lows only seen 4 times since 2017.” Again, BTC is likely to lead the rest of the crypto market.
Q3 has historically been bearish for Bitcoin. When BTC falls, altcoins often fall further.
There has also been an increasing number of prominent investors and executives coming out against altcoins in recent weeks.
Kevin Rose, a general partner at True Ventures, said to TechCrunch in June:
“The problem is that 99% of the projects out there and a lot of the people who are behind them are just in this for the pure financial gain. And there’s a lot of garbage out there. And that’s unfortunate because it really drags down the high-quality projects, and it muddies the space quite a bit.”
This sentiment has been echoed to a T by others, including trader “Joe007.” He said there is likely to be a “s**tcoin mass extinction event to precede the next Bitcoin rally.
Bitcoin Could Boom as Altcoins Retrace
Bitcoin stands to benefit from an altcoin retracement.
Kelvin “Spartan Black” Koh, a partner at The Spartan Group and a former Goldman Sachs partner, said that altcoin profits often cycle into Bitcoin:
“We have seen a major re-rating in many of the smaller altcoins (esp DeFi ones) in the past 4-5 weeks while BTC has been range bound. At some point, the valuation of these alts will start to look frothy and the capital will flow back to BTC.”
Risk appetite is returning.
We have seen a major re-rating in many of the smaller altcoins (esp DeFi ones) in the past 4-5 weeks while $BTC has been range bound.
At some point, the valuation of these alts will start to look frothy and the capital will flow back to $BTC.
— SpartanBlack (@SpartanBlack_1) June 9, 2020
That’s not to say that money will stay in BTC.
But if crypto investors want to cash out their altcoin profits and still want net long exposure to this asset class, they are likely to hold Bitcoin. Ethereum, too, may potentially be a viable option for holding.
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Chart from TradingView.com
Bitcoin Analyst Shares 4 Reasons Why the Altcoin "Party" Will End Soon origin »
The Altcoin Season Index saw a major spike for the first time since April.
Bitcoin remained dominant despite the spike.
The cryptocurrency market is witnessing dynamic shifts as the Altcoin The post Is altcoin season here? Analyzing Bitcoin dominance and market trends appeared first on AMBCrypto.
The altcoin market cap bullish trend is back in play after a considerably increase.
The post Altcoin Season Reignited With Impressive Rally as Bitcoin Dominance Weakens appeared first on BeInCrypto.
For months, Bitcoin stole the show when it came to crypto, sucking the capital out of the altcoin market. Shortly after the top cryptocurrency started its pullback, profits began to flow back into altcoins that have since been soaring over the last month.
The Bitcoin and altcoin market caps have been decreasing since June. Both have reached significant support areas and have shown signs of initiating a reversal. The Bitcoin price has been relatively stable over the past three weeks.
Throughout 2019, Bitcoin has been mostly bullish, rising as much as 350% from trough to peak, all while the altcoin market has continued to bleed out further. However, according to one expert crypto analyst, long-term charts are suggesting that the total altcoin market has bottomed.
As the altcoin market continues to bleed out and sentiment around Bitcoin’s crypto cousins reaches a point of extreme despair, the question about their long-term value has come up often in recent days.
As bitcoin roars back into a bull market, traders are eagerly awaiting “alt-season,” a parabolic jump in altcoins that historically follows bitcoin’s rise. But they’re going to be disappointed.
Over the last couple of weeks, bullish sentiment has returned to the crypto market. However, it’s not Bitcoin (BTC) that is causing the stir, it’s the possible altcoin season that is upon us that has traders, analysts, and investors everywhere interested again.
It has been a bearish start to the week for Bitcoin. Altcoins had a mixed performance at the start of the week with some recording significant gains and others showing losses. Today’s price action has been the most bearish for the market leader Bitcoin and has resulted in altcoins undergoing sharp declines.
Bitcoin has had a bearish start to the week recording three consecutive losing days. Today it is recording the most bearish movements of the week with Bitcoin losing about 2% over the past 24 hours.
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Chinese mining giant Bitmain is suing an anonymous hacker that allegedly stole $5. 5 million in cryptocurrency last April from the company’s account on the digital exchange Binance.
After a year of near-non-stop action, the crypto market has finally slowed to a snail’s pace, with prices grinding to just shy of a halt. While many have claimed that this non-action is here to stay, a multitude of analysts are adamant in their claims that Bitcoin (BTC) and its altcoin brethren are on the.
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This week has been a bullish respite from the bearish tone of 2018. The downward spirals of 2018 have hit Ethereum harder than most. Ethereum has hugely underperformed Bitcoin this year. Ethereum has lost 70% whereas Bitcoin has lost only 53%.
Ahead of its hard fork, Bitcoin Cash surged as high as 29 percent during the weekend trading session. All the eyes are now on whether the altcoin can swell any further, especially when it promises to offer holders free tokens after its blockchain splits.
Plenty of green across the board can make for very interesting altcoin market movements. Although Bitcoin is also in the green, the big action is happening in the altcoin department first and foremost.
Cryptocurrency, Stablecoins, Bitcoin (BTC)–As stablecoins, the new industry of cryptocurrency that is focused on price stability, continues to gain traction relative to Bitcoin and the altcoin market, competition is going to mount over the viability of transacting as adoption grows.
OmiseGo, one of the more promising token, published a roadmap detailing its future map in the coming months on Medium on October 30, 2018. Learning from previous experiences, the blog post stated that instead of revealing plans well in advance, they decided to list their achievements to-date to avoid disappointments.
Fundstrat Executive Speaks On Dropping Bitcoin (BTC) & Crypto Volatility Uncharacteristically, over the past month, Bitcoin (BTC) and its altcoin peers have undergone a lull, with volatility levels falling under those seen in some traditional equities markets, like the now-tumultuous U.
The recognized and popular cryptocurrency market data provider CryptoCompare, announced on October 30, that it launched its mobile application after an increased demand from the crypto community. We launched our mobile app today – to give traders and investors the ability to monitor live #bitcoin and #altcoin pricing data, track #cryptocurrency investments through multiple portfolios […]
Even though most of the top cryptocurrency markets are still in the red right now, it is interesting to see how some currencies still note solid gains. Waltonchain is going through a nice uptrend at this time, primarily because of its gains over both Bitcoin and Ethereum alike.
Новый кошелек с открытым исходным кодом от Altcoin. io поможет разработчикам Открыв исходный кошелек Atomic Swap Wallet, компания стремится помочь разработчикам
Сообщение Новый кошелёк с открытым исходным кодом появились сначала на Freedman.
Decentralized cryptocurrency exchange Altcoin. io recently raised over $1 million through a WeFunder crowdfunding campaign. The platform has now open sourced its Atomic Swap Wallet that helps developers learn about and build on blockchain technology.
Liberland’s President, Vit Jedlicka, has said that he will use a new altcoin called Merit to lay the foundation for his dream for his country. Liberland is a micro-state that exists between Serbia and Croatia, which is a part of the border dispute between these two countries.
Roger Ver has revealed a plans to launch an in-house exchange with bitcoin cash as the base currency. This move is another tool in the marketing tactics applied by Ver and other bitcoin cash proponents to increase BCH adoption and to position it as “the real bitcoin.
Bitcoin Is Still Hot On The Payment Block As Bitcoin nears the 10th anniversary of its first public appearance, which saw Satoshi Nakamoto, a pseudonymous coder, release the original Bitcoin technical paper (whitepaper), business-centric outlet Cheddar brought on a handful of in-industry innovators to talk all things crypto.
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First hinting at his project in a reply to a BitPay tweet on August 2017, Nicolas Dorier boldly claimed that BTCPay would make one of crypto’s most popular payment processors obsolete.
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Tether (USDT) is a stable coin. Stable coins have been lauded as the holy grail of crypto and the only avenue for the space to expand because of its ability to shield investors from volatility. Aside from regulatory concerns, Bitcoin and altcoin volatility is one of the reasons why the space is still considered “risky”.
Gemini recently announced that Litecoin is to be the latest cryptocurrency to be supported on the platform. The news broke out last week, that the digital currency will now be offering Litecoin on its exchange.
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Industry experts are buzzing with this week’s sensational claim that the market is headed for a collapse. Juniper Research published data this week that it claimed pointed to a cataclysmic collapse in the cryptocurrency market that could be just round the corner.
Bitcoin and the entire cryptocurrency market could be on its last legs according to researchers from Juniper Research. The End is Near A recent study by Juniper Research titled, The Future of Cryptocurrency: Bitcoin & Altcoin Trends & Challenges 2018-2023, warns that the current technical setup of the entire cryptocurrency market indicates the possibility of a total market implosion.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.
Bitcoin price is gaining pace above the $100,000 zone. BTC is rising and might accelerate higher if it clears the $102,000 zone. Bitcoin started a decent increase above the $100,000 zone. The price is trading above $100,500 and the 100 hourly Simple moving average.
Bitcoin price is consolidating losses below the $95,500 zone. BTC is showing bearish signs and might struggle to recover above the $95,800 level. Bitcoin started a recovery wave from the $91,150 zone.
