Home CryptocurrencyAltcoins Is The Era Of Altcoins Ever Coming Back?

Is The Era Of Altcoins Ever Coming Back?

by Pragati Shrivastava
, Is The Era Of Altcoins Ever Coming Back?

In the past few weeks, there has been a jaw-dropping uptrend in Bitcoin dominance. The crypto community has been waiting for the altseason and cryptocurrencies have started gaining some strength against BTC for the first time. This led to slight Bitcoin dominance retracement; a drop from 71.2% to 70%. Analysts are convinced that altcoins are ready to finally gain some momentum. In August, Adaptive Capital’s, Willy Woo, remarked that altcoins were “heading into a region of support” at long last. This trend has continued in September.

Bitcoin’s network effect has led to an increase in its value over the years and the altcoin vs. Bitcoin market capitalization chart is now three weeks into testing its 6.5-year support line. The weekly RSI chart is more oversold than in its entire history. Traders have been waiting to see a small bounce and expect the altseason to start in the coming few weeks. Many believe that the limited run altcoins have been on will continue.

The market capitalization of cryptocurrencies sans Bitcoin is about to break out of a descending wedge and this may signal the onset of the altseason. Though technical analysis is in favor of Altcoiners, the narrative seems to be centered around Bitcoin. Bitcoin is gaining ground with no exact target in sight. While prominent investors don’t mention an exact target for the same.

ETH has been experiencing an upward price trend. It has been currently trading at $179.30 per coin and XRP has been showing an upward price trend and it has been restraining a slight gain during the day. It has been trading somewhere around the $0.255 level and more top cryptocurrencies are showing an uptrend.

There are a few altcoins like BNB, XMR, ETC and BSV that have registered with slight losses, but the top gainer among small-cap altcoins are EOS and TRON. EOS is up by 4.64% and Tron is up by 4.60%.

Meanwhile, market analysts are of the opinion that Bitcoin might go through yet another retracement, and this might bring down the price of Bitcoin to $7,000 for several months in 2019.

One of the financial analysts, Capo said, “Should the entire fractal play out, meaning BTC will soon lose support at ~$9,500, a drop to $7,200 to $7,500 — a key Fibonacci Retracement support — should play out. That would represent a 30% drop from the current level of $10,500.”

Many experts are predicting a retracement for Bitcoin and expecting it to bleed its way to $7,400 in a falling wedge. The block reward reduction for Bitcoin is all set to happen in May 2020 and this will lead to a negative supply shock in the Bitcoin market. Geopolitical tension and rising economic unrest have warranted the need for a new safe haven and Bitcoin is gaining popularity as digital gold and the new safe haven. Altcoins are appreciating in comparison to Bitcoin. The altseason is overdue and this mini rally may be indicative that Bitcoin (BTC) is not the only asset that will see a bullrun this year, it is a good time to diversify your crypto holdings.

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