{"id":411386,"date":"2020-01-17T15:00:06","date_gmt":"2020-01-17T15:00:06","guid":{"rendered":"https:\/\/uniquehot.com\/?p=411386"},"modified":"2020-01-17T15:16:57","modified_gmt":"2020-01-17T15:16:57","slug":"altcoin-market-explodes-by-over-50-in-30-days-is-crypto-due-for-a-pullback","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/altcoin-market-explodes-by-over-50-in-30-days-is-crypto-due-for-a-pullback\/","title":{"rendered":"Altcoin Market Explodes By Over 50% In 30 Days, Is Crypto Due for A Pullback?"},"content":{"rendered":"<p>This week, the <a href=\"https:\/\/uniquehot.com\/2020\/01\/14\/ready-for-liftoff-altcoin-market-cap-breaks-out-of-downtrend\/\">total altcoin market cap broke out from local downtrend resistance<\/a>, causing many individual crypto assets to go on monstrous rallies, some to as much as 400% gains.<\/p>\n<p>The breakout also caused the total crypto market cap sans Bitcoin to rise from $50 billion to over $77 billion, resulting in 50% growth within a 30 day period. With such astronomical gains, are investors ready to take profits, causing a pullback across the crypto market?<\/p>\n<h2>Altcoin Bulls Push Forward to 50% Gains, But Bears Await a Deep Crypto Correction<\/h2>\n<p>All this week, altcoins across the top ten cryptocurrencies by market cap and deeper on the list, <a href=\"https:\/\/uniquehot.com\/2020\/01\/14\/ready-for-liftoff-altcoin-market-cap-breaks-out-of-downtrend\/\">have been exploding through downtrend resistance<\/a> and going on massive rallies.<\/p>\n<p>The increased bullishness is on the heels of <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> potentially bottoming this past December once again. On December 17, the leading cryptocurrency by market cap touched a low of $6400 forming the head of a sizable inverse head and shoulders pattern. The pattern later confirmed, and push the price of Bitcoin all the way to $9,000 as the high as of the time of this writing, but the cryptocurrency could push higher given how strong the momentum appears to be.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2020\/01\/14\/ready-for-liftoff-altcoin-market-cap-breaks-out-of-downtrend\/\">Ready for Liftoff: Altcoin Market Cap Breaks Out of Downtrend\u00a0<\/a><\/strong><\/em><\/p>\n<p><a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>&#8216;s bullish momentum also caused surges in Ethereum, Litecoin, Ripple, and many other top cryptocurrencies. Even Bitcoin forks Bitcoin SV, Bitcoin Cash, Gold, and Diamond all went on a tear.<\/p>\n<p>The clean break of downtrend resistance on the total altcoin market cap \u2013 a weighted aggregate of all cryptocurrencies sans Bitcoin \u2013 has caused the crypto market to catch fire, with dozens of assets going on rallies of 50% of higher.<\/p>\n<p>https:\/\/twitter.com\/thecryptodog\/status\/21279488?s=21<\/p>\n<p>Even <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> itself rose over 30% in 30 days. However, the altcoin market&#8217;s gains were even stronger, given how oversold the alternative crypto assets are after two full years of a bear market.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-411394\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-17-at-10.16.17-AM.png?resize=860%2C636\" alt=\"crypto altcoin market\" width=\"860\" height=\"636\"><\/p>\n<p>The total altcoin market cap rose a total of over 55% in 30 days. As the saying goes, what goes up, must come down, and after such a strong, parabolic rise, the market is almost certain to suffer a deep correction that puts over-exuberant investors in check.<\/p>\n<p>https:\/\/twitter.com\/classicmacro\/status\/37310464?s=21<\/p>\n<p>A pullback in Bitcoin when it reaches the <a href=\"https:\/\/www.investopedia.com\/ask\/answers\/013015\/why-200-simple-moving-average-sma-so-common-traders-and-analysts.asp\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">200-DMA<\/a> could be the trigger that kicks off such a selloff, sparking not only Bitcoin to suffer losses, but altcoins across the market as well.<\/p>\n<p>Ethereum, Litecoin, and others have only recently begun to catch up slightly to Bitcoin on their ratios, so the fall in altcoins may not be as deep as what could result in Bitcoin, especially because altcoins have broken out of their downtrend resistance, while many argue that <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> has not.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2020\/01\/15\/even-a-billionaire-crypto-investor-doesnt-understand-the-recent-altcoin-rally\/\">Even a Billionaire Crypto Investor Doesn\u2019t Understand The Recent Altcoin Rally\u00a0<\/a><\/strong><\/em><\/p>\n<p><a href=\"https:\/\/uniquehot.com\/2020\/01\/16\/blind-bitcoin-bias-gives-crypto-technical-analysis-a-bad-rap\/\">Bias often clouds how trendlines are drawn<\/a>, so it&#8217;s difficult to say who is wrong or right. The only thing for sure is, after 50% gains, it wouldn&#8217;t at all be surprising to see a large correction.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week, the total altcoin market cap broke out from local downtrend resistance, causing many individual crypto assets to go on monstrous rallies, some to as much as 400% gains. The breakout also caused the total crypto market cap sans Bitcoin to rise from $50 billion to over $77 billion, resulting in 50% growth within a 30 day period. With such astronomical gains, are investors ready to take profits, causing a pullback across the crypto market? Altcoin Bulls Push Forward to 50% Gains, But Bears Await a Deep Crypto Correction All this week, altcoins across the top ten cryptocurrencies by market cap and deeper on the list, have been exploding through downtrend resistance and going on massive rallies. The increased bullishness is on the heels of Bitcoin potentially bottoming this past December once again. On December 17, the leading cryptocurrency by market cap touched a low of $6400 forming the head of a sizable inverse head and shoulders pattern. The pattern later confirmed, and push the price of Bitcoin all the way to $9,000 as the high as of the time of this writing, but the cryptocurrency could push higher given how strong the momentum appears to be. Related Reading | Ready for Liftoff: Altcoin Market Cap Breaks Out of Downtrend\u00a0 Bitcoin&#8216;s bullish momentum also caused surges in Ethereum, Litecoin, Ripple, and many other top cryptocurrencies. Even Bitcoin forks Bitcoin SV, Bitcoin Cash, Gold, and Diamond all went on a tear. The clean break of downtrend resistance on the total altcoin market cap \u2013 a weighted aggregate of all cryptocurrencies sans Bitcoin \u2013 has caused the crypto market to catch fire, with dozens of assets going on rallies of 50% of higher. https:\/\/twitter.com\/thecryptodog\/status\/21279488?s=21 Even Bitcoin itself rose over 30% in 30 days. However, the altcoin market&#8217;s gains were even stronger, given how oversold the alternative crypto assets are after two full years of a bear market. The total altcoin market cap rose a total of over 55% in 30 days. As the saying goes, what goes up, must come down, and after such a strong, parabolic rise, the market is almost certain to suffer a deep correction that puts over-exuberant investors in check. https:\/\/twitter.com\/classicmacro\/status\/37310464?s=21 A pullback in Bitcoin when it reaches the 200-DMA could be the trigger that kicks off such a selloff, sparking not only Bitcoin to suffer losses, but altcoins across the market as well. Ethereum, Litecoin, and others have only recently begun to catch up slightly to Bitcoin on their ratios, so the fall in altcoins may not be as deep as what could result in Bitcoin, especially because altcoins have broken out of their downtrend resistance, while many argue that Bitcoin has not. Related Reading | Even a Billionaire Crypto Investor Doesn\u2019t Understand The Recent Altcoin Rally\u00a0 Bias often clouds how trendlines are drawn, so it&#8217;s difficult to say who is wrong or right. The only thing for sure is, after 50% gains, it wouldn&#8217;t at all be surprising to see a large correction. &nbsp;<\/p>\n","protected":false},"author":517,"featured_media":411389,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,16895,3,13625,16897,16894],"tags":[134,428,6664,67971],"class_list":["post-411386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-bitcoin-cash","category-news","category-ethereum","category-litecoin","category-ripple","tag-altcoin","tag-bitcoin","tag-crypto","tag-total-crypto-market"],"acf":[],"yoast_head":"\n<title>Altcoin Market Explodes By Over 50% In 30 Days, Is Crypto Due for A Pullback?<\/title>\n<meta name=\"description\" content=\"This week, the total altcoin market cap broke out from local downtrend resistance, causing many individual crypto assets to go on monstrous rallies, some\" \/>\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\/altcoin-market-explodes-by-over-50-in-30-days-is-crypto-due-for-a-pullback\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Altcoin Market Explodes By Over 50% In 30 Days, Is Crypto Due for A Pullback?\" \/>\n<meta property=\"og:description\" content=\"This week, the total altcoin market cap broke out from local downtrend resistance, causing many individual crypto assets to go on monstrous rallies, some\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/altcoin-market-explodes-by-over-50-in-30-days-is-crypto-due-for-a-pullback\/\" \/>\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=\"2020-01-17T15:00:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-17T15:16:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/01\/crypto-market-cap-shutterstock_1303961491.jpg?fit=1000%2C667\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;The Bull&quot; 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. 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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