The most recent Bitcoin price drop caused many altcoins to drop heavily, but can one say that they are doing poorly or is it only their USD pairs which are affected? Since a temporary bottom was found at the start of September, altcoins have steadily gained value in their BTC pairings.
The altcoins market cap has been in a prolonged downturn since the beginning of July when the market reached a $126 billion cap.
Referencing historical data of the altcoins market price action, one can conclude that altcoins perform best when there is a slow upward move from Bitcoin.
In some scenarios, altcoins even outperform Bitcoin when it's price is slowly ascending.
Clearly, in order for altcoins to rally, Bitcoin first has to find support.
Ethereum 2.0 FOMO to come?Historical data shows that Ethereum is often the main indicator for altcoins movement.
In every period a bullish divergence showed up before a bullish break on altcoins.
Bitcoin needs to break upwardsAs stated previously, Bitcoin first needs to break upwards before altcoins can start outperforming it.
Altcoins have failed to show bullish indicators during sharp downside movements from Bitcoin.
In that regard, both Bitcoin and Ethereum need to break out of their falling wedge to the upside and then a significant bullish period for altcoins might occur in Q4 2019.
Ethereum and Altcoins Market Cap Flash Bullish Possibilities as Bitcoin Price Wavers
gepubliceerd op Oct 5, 2019
by Cointele | gepubliceerd op Coinage
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