Altcoins are fires as they change very frequently and nearly all top 10 AltCoins by MarketCap have been hitting their respective 6-month of low prices after bitcoin’s price had a huge impact on other altcoins and raised the red altert on all other markets on Tuesday.
EOS, Litecoin, Stellar and Binance Coin have dropped into their lowest price points in just over six months only shortly after Bitcoin had a major sell-off and that forced other traders to exit the market as soon as possible.
XRP (XRP) stands as the outlier on this week only after hitting a 658 day of low price of… .22 dollar on September 24, marking it as the huge loser and one-day loss among the top 10 Altcoins by market cap.
As you see above XRP leads by a very large margin just after reaching to its lowest price point in almost just two years, while BCH (bitcoin cash), BSV (bitcoin SV) and ETH (Ether) are suffering the least hitting or prices only in four month lows.
Still, the occurrence marks a range of time where the primary tendency for all cryptos has been thrown into dispute after the vast majority passed below their corresponding 200-day moving average, a signal of lasting market wellness, which happened in July.
Further, just a total of Sixteen billion has been vacuumed out of the AltCoins market since September 24, measured only by its total market cap excluding the bitcoin.
The obligation now is stationary with the cows to begin appearing in very larger numbers so that it can drive values higher, lest that the downward stress forces another huge sell-off with an anticipated target of nearby $6,200 from bitcoin’s calculated move from its newest descending triangle collapse.
Bitcoin Going UP Causes Altcoins To Go Down
It’s safe to claim that 2019 has been awesome for Bitcoin so far. From January 1st, the crypto’s price is going up by more than 210%. By just looking at shorter term pictures and graphs gives us exactly much the same picture.
Just only In the past 3 months, Bitcoin upped from around $5,170 to its now price of $8,600, which represents a steady increase of more than 78%.
However, this alone has had a huge and big impact on the overall and in a whole market cap as well. Bitcoin’s dominance index price, which shows its relative to others of share of the whole of crypto market cap, also just took off for the skies and got up enormously. Presently, The BTC dominance is standing at 65.1%, going to leave altcoins hang out with their friends to dry.
Indeed, altcoins were just suffering, especially in the situation when they were being traded against BTC. Ethereum (ETH), which is by far the second biggest and largest cryptocurrency by its own market cap, has just lost about 35% of its own value in part with BTC since at the beginning of just this year.
Things are going to look even worse for Ripple and the XRP little coin, the value of which has just dropped by about 74% against Bitcoin in 2019. The circumstance is more or some how less the same with the other large cap crypto altcoins as well.
Minor altcoins are also sensing the pain. WAVES, for example, is down an enormous amount of 85% against Bitcoin just since last January 1st.
Among this market which is dominated by Bitcoin, many have been hoping that a down in the price of of the largest crypto by market size would allow altcoins to actually recover and with the potential of reclaim a more percentage of market. But it just hasn’t happened that way.
Bitcoin Goes Down Results In Altcoins Still Go Down
Just earlier this last week has just been nothing but wild happenings for Bitcoin. After just surging to over a $10,150, it suffered a huge and enormous and significant loss which brought its real price back to roughly about $8,600, a decline that of more than 21%.
Yet what so much people thought would have helped revive the altcoins happened to do just the exact opposite side of that. Not only the altcoins did continue to go down in value of their price against BTC and the Big Bitcoin, they just also saw a tremendous and serious going down in price and value against the well known dollar.
By just looking at large cap crypto coins, we can note that Ethereum (ETH) lost roughly over 10% of its Benjamin Franklin’s dollar value. Ripple has just lost about 28% of its hard earned value while Litecoin (LTC) just lost about 16% before again starting to recover.
In other kind of words, it didn’t helped and do the altcoins any more good that the price of Bitcoin dropped in value. What seems to be worse is that BTC bring them down with itself and most of them are actually lost more in percentage than the Bitcoin itself.
Is Alt Season Postponed?
In actual terms it does not seem to be important where the bitcoin is going right now. It just shed from 10,000 to 8,000 and this decrease of 2000 dollars did not have a little impact on its dominance and it is still the dominant currency in the crypto world, this coin just remained without any change, remained the best.
As reporters said and broadcast just a few days ago, analytics can forecast that the next AltCoin season will not coming any soon before the year 2020. It may be or be not accurate but this seems to be too far to be looked at in the near time.
Perhaps among the causes why Bitcoin is now dominating the whole market is that it just has a practical usage. Such a view on bitcoin was confirmed by the head of the US Federal Reserve, Mr. Jerome Powell, who just recently said that “Bitcoin is a storage of value and it is like gold.” Apart from that, Alternative coins are bleeding to past quantity, which is just another possible reason for the situation that they are in currently.