Altseason? Traders Expect Altcoin Breakouts Amid BTC Stagnation

Altseason? Traders Expect Altcoin Breakouts Amid BTC Stagnation 1


2019 has undoubtedly been a year for Bitcoin so far. Altcoins, which were all the rage in 2017 and early-2018, have been wildly underperforming the market leader, with some of these cryptocurrencies now trading at lower prices than where they started the year.

But for some reason or another, traders and analysts have collectively started to suggest that altcoins are bottoming against Bitcoin — sparking discussion of what some hope to be an “altseason”, a segment of the crypto market cycles during which altcoins rally by hundreds of percent.

Amsterdam Stock Exchange trader Crypto Michael recently noted that Bitcoin dominance — the percentage of the cryptocurrency market’s value that is made up of BTC — has started to show trend reversal signals after a multi-month uptrend. These signals include the breakdown of an ascending triangle and bearish divergences.

In the chart below, the analyst noted that the last three times such bearish divergences were seen, Bitcoin dominance fell in the weeks that followed, often by upwards of 10%.

Rampage, a prominent cryptocurrency trader, has echoed this narrative. They recently argued that Bitcoin’s dominance is “clearly topping out on the one-week”, before adding that he is expecting for Bitcoin dominance to fall by 8% from current levels as he expects for BTC to begin to approach $6,400.

Individual Altcoins Show Strength

While altcoins’ aggregate market capitalization is already showing strength in and of itself, individual crypto assets are purportedly looking strong, giving credence to the narrative that Bitcoin dominance may soon taper off.

CryptoThies recently noted that Dogecoin/Bitcoin’s one-week chart, when overlayed with his proprietary “MarketGod” indicator, printed a buy signal. Four out of the past five times after this signal was seen, DOGE embarked on jaw-dropping rallies that saw it appreciate by hundreds of percent. Thies added that Dogecoin leads the pack, hinting that a rally in the so-called meme cryptocurrency may be reflected in altcoins.

There has also been much buzz about XRP. Per previous reports from this very outlet, prominent commodities trader Peter Brandt, who has notably been overtly critical of XRP’s fundamentals and charts, recently admitted that there is “some chart evidence [to suggest] that XRP is bottoming against Bitcoin”.

All this goes to show that barring any immense volatility, Bitcoin’s dominance may begin to cede territory to altcoins.

Title Image Courtesy of Marco Verch Via Flickr
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022
Crypto Crime
Crypto Crime Surges To Record Highs As Thieves Follow Market Buzz – Chainalysis 2022 Report
February 24, 2022
Bots Circumvent 2FA Login At Coinbase And Other Crypto Exchanges In 2022
Bots Have Circumvented 2FA Logins At Coinbase And Other Crypto Exchanges In 2022
February 17, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
The Unconventional Guide to Ethereum
October 28, 2021

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,048 0.49 % 2.88 % 0.46 %
Ethereum1,940.3 0.61 % 4.73 % 6.76 %
Tether1.000 0.03 % 0.09 % 0.45 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
BNB297.50 0.43 % 1.19 % 10.59 %
XRP0.4028 0.62 % 5.96 % 3.33 %
Binance USD0.9994 0.27 % 0.37 % 0.15 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana49.88 2.29 % 9.00 % 0.88 %
Dogecoin0.08426 0.99 % 5.33 % 0.01 %

Bitcoin (BTC) $ 29,148.00
Ethereum (ETH) $ 1,948.41
Tether (USDT) $ 1.00
USD Coin (USDC) $ 1.00
BNB (BNB) $ 299.50
BNB (BNB) $ 298.05
XRP (XRP) $ 0.404951
Binance USD (BUSD) $ 1.00
Cardano (ADA) $ 0.513812
Solana (SOL) $ 50.83