Bitcoin is doing well in 2019. The rate has risen by nearly 270 percent from January to the top this year. But according to analysts, altcoins will soon rise much faster than bitcoin in the short term. They have reached the bottom, and a new altcoin season can come.
By altcoins we mean every cryptomint other than bitcoin. And there are quite a few. According to Coinmarketcap, there are now 4.798 crypto currencies.
Is this the bottom of the altcoin market?
In the beginning of this year, altcoins rose simultaneously with bitcoin. Litecoin started the year fantastic, and ether and XRP also gradually found their way up.
But from April the price of bitcoin moved apart from altcoins. The price of bitcoin rose faster than altcoins, and the bitcoin dominance reached a pinnacle on 7 September. Nearly 71 percent of the cryptomarket then consisted of bitcoin.
Analysts on Twitter and Tradingview now expect this trend to reverse. The prices of altcoins may soon exceed the price of bitcoin.
Silence before the storm
Twitterer CryptoThies looks at the total market capitalization, or the total value of all crypto coins combined. According to him, the time of low volatility is almost over. Volatility means the volatility of the course. If the rate hardly moves for a longer period, a large outbreak will follow in many cases. And CryptoThies sees it positively:
“Do you see the narrow margin in which the last two green candles move? Think of a tight rope before it breaks. “
He continues: “On the other hand, bitcoin dominance looks less good.”
HA Candles showing low-volatility period for alts coming to an end.
See the low range on the most two recent green candles?
Think of a taut rope before it snaps.On the flip side, $ BTC.D looks less than bull. Check out the RSI H&S.
Alt Bottom is in. pic.twitter.com/ea7hlfaYjP
– CryptoThies ? (@KingThies) November 13, 2019
Altcoindomination at low point
An analyst at Tradingview looks at the dominance of altcoins. Basically the same story, but the other way around. Every time the altcoin dominance has reached a low point and the price of bitcoin moves in a triangle, the altcoin market rises. You saw that very clearly in 2017, but also at the start of this year. Altcoins such as litecoin, binance coin and chainlink took the lead.
There now seems to be a new bottom in the dominance of altcoins. Is this the start of the new altcoin season?
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