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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback

Crypto Market Cap at Critical Resistance, Is Altcoin Season Around The Corner?

Tony Spilotro by Tony Spilotro
4 years ago
in Cryptocurrency news, Bitcoin, Bitcoin Cash, EOS, Ethereum, Litecoin, Ripple
Reading Time: 3 mins read
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The current crypto winter and bear market has been brutal for Bitcoin investors who are now underwater, but it’s 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 “altseason” 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.

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Related Reading | XRP Beware? Industry Reacts to JP Morgan ‘JPM Coin’ 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 – an aggregate of the total crypto market cap minus BTC – is at pivotal overhead resistance that has served as such all the way since January of 2018.

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If we manage to push trough this, its ON. #altmarketcap pic.twitter.com/aIl01WvlJ8

— Galaxy (@galaxyBTC) February 18, 2019

The early signs of an “altseason” 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 – a metric that weighs Bitcoin’s market cap against the rest of the crypto market – it breaks down, causing a spike in altcoin dominance also referred to as an “altseason.”

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

— 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’t.

Finally, we need to acknowledge that the bear market has not been broken yet.

Here's the resistance line we've been tracking. As you can see, we're not even close to breaking it just yet. pic.twitter.com/tWX58rshnh

— Mati Greenspan (tweets are not trading advice) (@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’s parabolic advance was broken, kicking off the bear market that continues even today.

Related Reading | Bottom Doesn’t 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
Tags: Altcoin SeasonaltcoinsbitcoincryptoethereumLitecoinxrp
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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