Altcoins Have Been Bleeding – They Have Not Regained Their Lost GroundsAugust 11, 2019
Bitcoin correction is happening continually. While the Bitcoin has been rallying, almost all the Altcoins have been bleeding. They have been falling very sharply when compared in ratios to the Bitcoin.
If the Bitcoin correction would continue, the market can expect a double-bottom for the Altcoins ahead. After Bitcoin touched the $13,800, the token has been struggling hard to sustain the bullish trend. This has led to several investors move their investments towards Bitcoin in fear of missing out.
The Altcoins market cap has been showing a downward tilt. The Bitcoin has been pointing upward, and it is showing some indecision. If the selling pressure continues to push the Altcoins to the downside, then the “alts might easily double bottom.”
The overall market capitalization of the cryptocurrency market includes everything from Bitcoin, Ethereum, Stellar Lumens, TCAT Tokens and everything in the market, is now leading to a head and shoulders top, which is a bearish reversal pattern. If this is confirmed, the double bottom theory will materialize.
Since there is an inter-related sentiment between the Altcoins and the Bitcoin, the Altcoins will suffer the most in terms of correction. This will eventually lead to a “channel” in the long-term thereby showing a 50% drop ahead before the “alt season” happening.
Several Altcoins are currently down by 90% from their all-time highs, and if Bitcoin would touch $100,000, these Altcoins might never reach the levels again. There is a decline in parity, and sentiments are in the trash can.
Max Keiser, in his Twitter post, stated: “#Bitcoin dominance 68.2% — heading to 80% — as alts die in favor of BTC. The 2014-2017 era of alts and hard forks is dead. Don’t be the last to rotate out of alts into BTC.” He further stated, “I’m sensing #Bitcoin will cross $15,000 this week. Confidence in central governments, central banks, and centralized, fiat money is at a multi-decade low.”
However, Ethereum is coming to its terms, and with time if this will continue, it might not be right to classify Ethereum as an Altcoins anymore.
A financial market place that is devoid of widespread regulatory interference is rare. While profiting with cryptocurrency is not a part of the blockchain technology’s design, cryptocurrency was expected to survive as an equal economy. There is an explosion of blockchain companies and exchanges and the coming of a whole new financial system which is yet to evolve in a regulatory climate.