{"id":371840,"date":"2019-02-18T20:00:00","date_gmt":"2019-02-18T20:00:00","guid":{"rendered":"https:\/\/uniquehot.com\/?p=371840"},"modified":"2019-03-11T20:34:26","modified_gmt":"2019-03-11T20:34:26","slug":"crypto-market-cap-altcoin-season","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-market-cap-altcoin-season\/","title":{"rendered":"Crypto Market Cap at Critical Resistance, Is Altcoin Season Around The Corner?"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">The current crypto winter and bear market has been brutal for <a href=\"https:\/\/uniquehot.com\/2019\/02\/14\/crypto-analyst-bitcoin-btc\/\">Bitcoin investors who are now underwater<\/a>, but it\u2019s been even worse for many altcoin holders. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Most of the thousands of altcoins on the market have fallen as much as 99% from their all-time high prices, have reached extremely oversold conditions, and are at the absolute bottom of the barrel sentiment-wise. However, according to one crypto analyst, altcoins are on the verge of breaking out of long-term downtrend resistance and an &#8220;altseason&#8221; may be around the corner.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Analyst: Altcoin Crypto Market Cap at Pivotal Resistance Point<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Altcoins such as <a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereu<\/a>m and <a href=\"\/tag\/xrp\" rel=\"nofollow\">XRP<\/a> have had a much further fall from their all-time high prices than their eldest sibling, Bitcoin. <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> has fallen roughly 85% from its previous peak back in December 2017, while number 2 and number 3 cryptocurrencies Ethereum and XRP respectively have each fallen 90% from their high points.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/uniquehot.com\/2019\/02\/14\/bitcoin-xrp-jp-morgan-crypto\/\">XRP Beware? Industry Reacts to JP Morgan \u2018JPM Coin\u2019 Crypto Announcement<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The added sell pressure has caused sentiment around altcoins to be at extreme lows, but the tides may be turning soon, if critical resistance can be broken.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">According to a chart shared by prominent crypto analyst GalaxyBTC, the altcoin market cap \u2013 an aggregate of the total crypto market cap minus BTC \u2013 is at pivotal overhead resistance that has served as such all the way since January of 2018.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">If we manage to push trough this, its ON. <a href=\"https:\/\/twitter.com\/hashtag\/altmarketcap?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#altmarketcap<\/a> <a href=\"https:\/\/t.co\/aIl01WvlJ8\" rel=\"nofollow\">pic.twitter.com\/aIl01WvlJ8<\/a><\/p>\n<p>&mdash; Galaxy (@galaxyBTC) <a href=\"https:\/\/twitter.com\/galaxyBTC\/status\/76180741?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 18, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">The early signs of an \u201caltseason\u201d are already showing, with Ethereum, EOS, and BCH all posting 15-25% gains on the day, while Bitcoin rose just 8.5% by comparison. The rest of the altcoin market is a sea of green today, as a clear sentiment change is occurring in the crypto space.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Bitcoin Has Long to Go Before Downtrend is Broken, BTC Dominance to Suffer<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\"><a href=\"https:\/\/twitter.com\/galaxybtc\/status\/68841728\" rel=\"nofollow\">GalaxyBTC also shared<\/a> some thoughts around a pattern commonly found in cryptocurrency trading. The analyst discovered that oftentimes following a build-up of BTC dominance \u2013 a metric that weighs Bitcoin\u2019s market cap against the rest of the crypto market \u2013 it breaks down, causing a spike in altcoin dominance also referred to as an \u201caltseason.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1. Build up <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> domination <br \/>2. Breakdown <br \/>3. Altseason <br \/>4. Rinse and repeat.<\/p>\n<p>Furthermore, looks like the weaker the dominance uptrend the longer the altseason and so far this one is the weakest.<\/p>\n<p>Expecting dominance to fall under 30% and the longest altseason to date. <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#crypto<\/a> <a href=\"https:\/\/t.co\/eabtk6rGG9\" rel=\"nofollow\">pic.twitter.com\/eabtk6rGG9<\/a><\/p>\n<p>&mdash; Galaxy (@galaxyBTC) <a href=\"https:\/\/twitter.com\/galaxyBTC\/status\/68841728?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 18, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">The reason for this could be normal ebb and flow of capital to and from Bitcoin into altcoins, faith being restored by crypto market participants, or quite possibly due to the fact that most altcoins have broken through downtrend resistance, while Bitcoin hasn\u2019t.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Finally, we need to acknowledge that the bear market has not been broken yet.<\/p>\n<p>Here&#39;s the resistance line we&#39;ve been tracking. As you can see, we&#39;re not even close to breaking it just yet. <a href=\"https:\/\/t.co\/tWX58rshnh\" rel=\"nofollow\">pic.twitter.com\/tWX58rshnh<\/a><\/p>\n<p>&mdash; Mati (@MatiGreenspan) <a href=\"https:\/\/twitter.com\/MatiGreenspan\/status\/36510465?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 18, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">A chart shared by Senior Market Analyst for eToro Mati Greenspan shows that Bitcoin still has a long way to go before it brushes up against the downtrend resistance. The resistance dates back to January of 2018, after the first ever crypto\u2019s parabolic advance was broken, kicking off the bear market that continues even today.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/uniquehot.com\/2019\/02\/13\/bitcoin-bottom-entire-btc\/\">Bottom Doesn\u2019t Matter, Last Time General Population Can Afford Entire BTC<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Altcoins and Bitcoin are closely correlated, so a strong rally in the altcoin market could help restore confidence in Bitcoin again, and drag Bitcoin up through resistance along with the rest of the cryptosphere.<\/span><\/p>\n<pre>Featured image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>The current crypto winter and bear market has been brutal for Bitcoin investors who are now underwater, but it\u2019s been even worse for many altcoin holders. Most of the thousands of altcoins on the market have fallen as much as 99% from their all-time high prices, have reached extremely oversold conditions, and are at the absolute bottom of the barrel sentiment-wise. However, according to one crypto analyst, altcoins are on the verge of breaking out of long-term downtrend resistance and an &#8220;altseason&#8221; may be around the corner. Analyst: Altcoin Crypto Market Cap at Pivotal Resistance Point Altcoins such as Ethereum and XRP have had a much further fall from their all-time high prices than their eldest sibling, Bitcoin. Bitcoin has fallen roughly 85% from its previous peak back in December 2017, while number 2 and number 3 cryptocurrencies Ethereum and XRP respectively have each fallen 90% from their high points. Related Reading |\u00a0XRP Beware? Industry Reacts to JP Morgan \u2018JPM Coin\u2019 Crypto Announcement The added sell pressure has caused sentiment around altcoins to be at extreme lows, but the tides may be turning soon, if critical resistance can be broken. According to a chart shared by prominent crypto analyst GalaxyBTC, the altcoin market cap \u2013 an aggregate of the total crypto market cap minus BTC \u2013 is at pivotal overhead resistance that has served as such all the way since January of 2018. If we manage to push trough this, its ON. #altmarketcap pic.twitter.com\/aIl01WvlJ8 &mdash; Galaxy (@galaxyBTC) February 18, 2019 The early signs of an \u201caltseason\u201d are already showing, with Ethereum, EOS, and BCH all posting 15-25% gains on the day, while Bitcoin rose just 8.5% by comparison. The rest of the altcoin market is a sea of green today, as a clear sentiment change is occurring in the crypto space. Bitcoin Has Long to Go Before Downtrend is Broken, BTC Dominance to Suffer GalaxyBTC also shared some thoughts around a pattern commonly found in cryptocurrency trading. The analyst discovered that oftentimes following a build-up of BTC dominance \u2013 a metric that weighs Bitcoin\u2019s market cap against the rest of the crypto market \u2013 it breaks down, causing a spike in altcoin dominance also referred to as an \u201caltseason.\u201d 1. Build up $BTC domination 2. Breakdown 3. Altseason 4. Rinse and repeat. Furthermore, looks like the weaker the dominance uptrend the longer the altseason and so far this one is the weakest. Expecting dominance to fall under 30% and the longest altseason to date. #crypto pic.twitter.com\/eabtk6rGG9 &mdash; Galaxy (@galaxyBTC) February 18, 2019 The reason for this could be normal ebb and flow of capital to and from Bitcoin into altcoins, faith being restored by crypto market participants, or quite possibly due to the fact that most altcoins have broken through downtrend resistance, while Bitcoin hasn\u2019t. Finally, we need to acknowledge that the bear market has not been broken yet. Here&#39;s the resistance line we&#39;ve been tracking. As you can see, we&#39;re not even close to breaking it just yet. pic.twitter.com\/tWX58rshnh &mdash; Mati (@MatiGreenspan) February 18, 2019 A chart shared by Senior Market Analyst for eToro Mati Greenspan shows that Bitcoin still has a long way to go before it brushes up against the downtrend resistance. The resistance dates back to January of 2018, after the first ever crypto\u2019s parabolic advance was broken, kicking off the bear market that continues even today. Related Reading |\u00a0Bottom Doesn\u2019t Matter, Last Time General Population Can Afford Entire BTC Altcoins and Bitcoin are closely correlated, so a strong rally in the altcoin market could help restore confidence in Bitcoin again, and drag Bitcoin up through resistance along with the rest of the cryptosphere. Featured image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":371846,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,16895,3,16892,13625,16897,16894],"tags":[25731,142,428,6664,1946,10,4531],"class_list":["post-371840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-bitcoin-cash","category-news","category-eos","category-ethereum","category-litecoin","category-ripple","tag-altcoin-season","tag-altcoins","tag-bitcoin","tag-crypto","tag-ethereum","tag-litecoin","tag-xrp"],"acf":[],"yoast_head":"\n<title>Crypto Market Cap at Critical Resistance, Is Altcoin Season Around The Corner?<\/title>\n<meta name=\"description\" content=\"The current crypto winter and bear market has been brutal for Bitcoin investors who are now underwater, but it\u2019s been even worse for many altcoin holders.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/crypto-market-cap-altcoin-season\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Market Cap at Critical Resistance, Is Altcoin Season Around The Corner?\" \/>\n<meta property=\"og:description\" content=\"The current crypto winter and bear market has been brutal for Bitcoin investors who are now underwater, but it\u2019s been even worse for many altcoin holders.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/crypto-market-cap-altcoin-season\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-18T20:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-11T20:34:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/02\/crypto-bitcoin-altcoin-season-altcoins-shutterstock_712597321-1100x733.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"733\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;The Bull&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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