{"id":393596,"date":"2019-08-19T19:00:20","date_gmt":"2019-08-19T19:00:20","guid":{"rendered":"https:\/\/wncen.com\/?p=393596"},"modified":"2024-06-11T13:24:29","modified_gmt":"2024-06-11T13:24:29","slug":"bitcoin-dominance-alt-season-crypto","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-dominance-alt-season-crypto\/","title":{"rendered":"Bitcoin Dominance In Danger of Drop, Alt Season Finally Here?"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Since April of this year when <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> first spiked over $1,000 in a matter of minutes, sending the first-ever crypto asset out of its bear market depths, Bitcoin dominance has soared, indicating that much of Bitcoin\u2019s rally was fueled by <a href=\"https:\/\/wncen.com\/2019\/08\/15\/bitcoin-altcoin-ripple-ethereum-crypto\/\">altcoin-driven selling<\/a>. The impact can be seen in both <a href=\"https:\/\/wncen.com\/2019\/08\/12\/altcoin-apocalypse-crypto-bitcoin\/\">Bitcoin\u2019s price outperforming most altcoins by a large sum in USD<\/a>, and in the dwindling value relative to Bitcoin in most altcoin\u2019s ratio to BTC.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But as Bitcoin\u2019s rally begins to turn around, and the king of crypto teeters on support, BTC dominance \u2013 a metric that is used to show Bitcoin\u2019s value in comparison to the rest of the crypto market is in danger of dropping out of a multi-month formation. Such a breakdown in dominance would either lead to Bitcoin falling sharply while altcoins held their value, or Bitcoin could trade sideways while altcoins finally move into the full-blown \u201calt season\u201d crypto investors have been clamoring for.<\/span><\/p>\n<h2>Bitcoin Dominance At Risk of Falling Out of Multi-Month Bearish Wedge<\/h2>\n<p class=\"p1\"><span class=\"s1\">Alt season. At this point, it\u2019s become a meme across the cryptoshere. It\u2019s long been the carrot crypto analysts dangle in front of retail investors encouraging them to continue to buy the dip in altcoins until their bags get heavier and heavier.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/08\/15\/bitcoin-altcoin-ripple-ethereum-crypto\/\">Bitcoin and Altcoin Crashes Correlating Could Be Catalyst for Alt Bottom<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The promise of alt season has caused dip buyers to stay strong, hoping that someday their altcoins outperform Bitcoin by as much as 1000% as was seen in previous alt seasons. But as time goes by, and altcoins continue to set low after low, many are starting to come to terms with the fact that some altcoins may never again reach their all-time high, even if Bitcoin sets a new one.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The realization and continued pain altcoin holders have endured have caused most altcoins to capitulate, as can be seen in the price charts of <a href=\"https:\/\/wncen.com\/2019\/08\/15\/ripple-price-xrp-decline-could-accelerate-btc-and-eth-weakens-further\/\">Ethereum and Ripple<\/a> \u2013 two of the top crypto assets by market cap, second and third to only Bitcoin.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">And while most crypto investors expect \u201cmore pain\u201d to come for altcoins, oftentimes when sentiment is this poor and lows have been swept, the time to buy is finally here.<\/span><\/p>\n<h2>Is Alt Season Finally Here, or Will &#8220;More Pain&#8221; Scenario Play in Crypto Markets<\/h2>\n<p class=\"p1\"><span class=\"s1\">If Bitcoin dominance breaks down from the multi-month ascending wedge it has formed \u2013 typically a bearish structure \u2013 then BTC dominance could collapse and an alt season could result.<\/span><\/p>\n<p>https:\/\/twitter.com\/TheCryptoDog\/status\/99570433<\/p>\n<p class=\"p1\"><span class=\"s1\">Altcoins and Bitcoin often move correlated, but most of 2019 they couldn\u2019t have been more different in their price trajectory. Should Bitcoin fall hard from here, and altcoins hold their value, a drop in <a href=\"https:\/\/coinmarketcap.com\/charts\/#dominance-percentage\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">BTC dominance<\/a> could be seen, but it\u2019s difficult to call altcoins holding their value in USD to be much of an alt season.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/08\/13\/crypto-investors-believe-altcoin-market\/\">Crypto Investors Believe There\u2019s More Pain Ahead For the Altcoin Market\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">However, if Bitcoin trades sideways, while altcoins go on a 1000% or more run, then the alt season everyone has been waiting for will finally be here.<\/span><\/p>\n<p>https:\/\/twitter.com\/chonkyone\/status\/18731008?s=12<\/p>\n<p class=\"p1\"><span class=\"s1\">Ascending wedges have occasionally been known to break upward, and if it does, the \u201c<a href=\"https:\/\/wncen.com\/2019\/08\/13\/crypto-investors-believe-altcoin-market\/\">more pain<\/a>\u201d scenario could become a \u201cmax pain\u201d scenario, with a sell-off in the altcoin space that makes the selling thus far look like a dry run. But it all depends on Bitcoin and BTC dominance, and the days ahead are critical.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since April of this year when Bitcoin first spiked over $1,000 in a matter of minutes, sending the first-ever crypto asset out of its bear market depths, Bitcoin dominance has soared, indicating that much of Bitcoin\u2019s rally was fueled by altcoin-driven selling. The impact can be seen in both Bitcoin\u2019s price outperforming most altcoins by a large sum in USD, and in the dwindling value relative to Bitcoin in most altcoin\u2019s ratio to BTC. But as Bitcoin\u2019s rally begins to turn around, and the king of crypto teeters on support, BTC dominance \u2013 a metric that is used to show Bitcoin\u2019s value in comparison to the rest of the crypto market is in danger of dropping out of a multi-month formation. Such a breakdown in dominance would either lead to Bitcoin falling sharply while altcoins held their value, or Bitcoin could trade sideways while altcoins finally move into the full-blown \u201calt season\u201d crypto investors have been clamoring for. Bitcoin Dominance At Risk of Falling Out of Multi-Month Bearish Wedge Alt season. At this point, it\u2019s become a meme across the cryptoshere. It\u2019s long been the carrot crypto analysts dangle in front of retail investors encouraging them to continue to buy the dip in altcoins until their bags get heavier and heavier. Related Reading | Bitcoin and Altcoin Crashes Correlating Could Be Catalyst for Alt Bottom The promise of alt season has caused dip buyers to stay strong, hoping that someday their altcoins outperform Bitcoin by as much as 1000% as was seen in previous alt seasons. But as time goes by, and altcoins continue to set low after low, many are starting to come to terms with the fact that some altcoins may never again reach their all-time high, even if Bitcoin sets a new one. The realization and continued pain altcoin holders have endured have caused most altcoins to capitulate, as can be seen in the price charts of Ethereum and Ripple \u2013 two of the top crypto assets by market cap, second and third to only Bitcoin. And while most crypto investors expect \u201cmore pain\u201d to come for altcoins, oftentimes when sentiment is this poor and lows have been swept, the time to buy is finally here. Is Alt Season Finally Here, or Will &#8220;More Pain&#8221; Scenario Play in Crypto Markets If Bitcoin dominance breaks down from the multi-month ascending wedge it has formed \u2013 typically a bearish structure \u2013 then BTC dominance could collapse and an alt season could result. https:\/\/twitter.com\/TheCryptoDog\/status\/99570433 Altcoins and Bitcoin often move correlated, but most of 2019 they couldn\u2019t have been more different in their price trajectory. Should Bitcoin fall hard from here, and altcoins hold their value, a drop in BTC dominance could be seen, but it\u2019s difficult to call altcoins holding their value in USD to be much of an alt season. Related Reading | Crypto Investors Believe There\u2019s More Pain Ahead For the Altcoin Market\u00a0 However, if Bitcoin trades sideways, while altcoins go on a 1000% or more run, then the alt season everyone has been waiting for will finally be here. https:\/\/twitter.com\/chonkyone\/status\/18731008?s=12 Ascending wedges have occasionally been known to break upward, and if it does, the \u201cmore pain\u201d scenario could become a \u201cmax pain\u201d scenario, with a sell-off in the altcoin space that makes the selling thus far look like a dry run. But it all depends on Bitcoin and BTC dominance, and the days ahead are critical.<\/p>\n","protected":false},"author":517,"featured_media":386628,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,13625,16894],"tags":[30232,142,428,6664,1946,3680],"class_list":["post-393596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-ethereum","category-ripple","tag-alt-season","tag-altcoins","tag-bitcoin","tag-crypto","tag-ethereum","tag-ripple"],"acf":[],"yoast_head":"\n<title>Bitcoin Dominance In Danger of Drop, Alt Season Finally Here?<\/title>\n<meta name=\"description\" content=\"Bitcoin dominance is at risk of dropping, and if it does, a full-blown alt season could be in the cards for the crypto market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-dominance-alt-season-crypto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Dominance In Danger of Drop, Alt Season Finally Here?\" \/>\n<meta property=\"og:description\" content=\"Bitcoin dominance is at risk of dropping, and if it does, a full-blown alt season could be in the cards for the crypto market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-dominance-alt-season-crypto\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-19T19:00:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:24:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/bitcoin-crypto-altcoin-alt-season-ripple-xrp-litecoin-ethereum-stellar-shutterstock_1179716254.jpg?fit=4000%2C3000\" \/>\n\t<meta property=\"og:image:width\" content=\"4000\" \/>\n\t<meta property=\"og:image:height\" content=\"3000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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