Bitcoin Crashes Cause Altseason – Commonly Occurring Market PsychologySeptember 27, 2019
Bitflyer has added five Altcoins in Europe and the US. This included Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Lisk (LSK) and Monacoin (MONA).
Ever since September 20, 2019, Bitcoin Cash (BCH) has been going through a free fall. The coin has already lost nearly 31% of its value.
The price of Ethereum Classic (ETC) improved at the rate of 2.53% over the past 24 hours. This eventually led to ETC going down south to $4.77. Trading volume has been recorded at $715.273 million, and the supply is noted at 113,775,660 ETC coins. The overall market cap of ETC is at $542.146 million.
Litecoin (LTC) is following a downtrend. The falling wedge pattern has hinted reversal, and the token is working its way towards a bottom, and there is a current demand for the rally towards $100. However, the Litecoin is looking for a breakthrough beyond the short-term resistance. There is growing bullish momentum, though.
Andy Bryant, from bitFlyer Europe, stated, “By adding new altcoins, we are expanding bitFlyer’s Buy/Sell offer significantly, giving our customers instant access to some of the largest and most exciting altcoins in the world. […] By leveraging our experience in Japan, we can offer our European and US customers the same level of speed, simplicity, and transparency as we already do for that trading Bitcoin and Ethereum.”
It can be extremely risky to trade Altcoins as it is an expression of pure human emotion, whether about TCAT tokens, Ethereum, or anything else. The result is pure hyper-volatility.
When the market gets bearish for Bitcoin, Altcoins appear to be viable options for traders. Therefore, their values usually go up. There have been market situations when the price of the Bitcoin climbs up to 129% and the Bitcoin trading below $8500. Also, halvings have led to an increase in bullish trends.
With the Bitcoin having crashed yesterday, it must be Altcoin season. One of the analysts previously tweeted thus: “I think the best way to get alt season at this point is a BTC drop that is coupled with an altcoin ratio drop. That’d scare the shit out of holders, make them capitulate right into the last cycle low (For majors) and open the doors for an altcoin run.”
The alternative race between the Bitcoin making the rally and crashing to cause the Altseason is a commonly occurring market psychology. Massive bull runs and substantial price decreases is a trend that will forever continue in the Altcoin market.