So far, the first quarter of 2019 is nearing completion. During this time, the most eye-catching thing is the altcoin. Since the beginning of 2019, more than 20 altcoins have doubled in price and even more. The news of the decline in the market value of Bitcoin has never stopped.
- 40% of the altcoin losses exceed 90%, can BTC return to 12000 to drive the market?
- Bitcoin rebounded after falling below 10,000 US dollars, and the altcoin bears a large selling pressure
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- BTC's market capitalization has fallen to a 7-month low. Has the bull market for mainstream currencies come?
The cottage currency is frequently moved, and the value of more than 20 currencies doubles.
Since Bitcoin has fallen from the support level of $6,000 to the current trading range, the market has been experiencing a bottoming out process. In the process, most cryptocurrencies also began to build their own solid and strong support areas.
"The altcoin season is coming. Bitcoin has risen by 2%, but its dominant position is still declining, currently 50.2%. What if it falls to half of the current ratio? – Mati Greenspan (@MatiGreenspan) March 29, 2019"
As most currencies have bottomed out on charts, the risky and accumulating altcoin has begun to bring lucrative returns to traders and investors. In fact, since the beginning of 2019, the price of more than 20 kinds of altcoins has doubled, and some currencies have even turned up to 8 times.
This crazy price gain indicates that the encryption market is indeed experiencing the altcoin season. In the long run, many altcoins have risen even more in a quarter than some traditional assets have risen in 10 years.
"If this is not the season of the altcoin, then I don't know what the altcoin season should look like. Last month, some altcoins rose as follows (percentage is the increase):
What are you waiting for? — Crypto Walker (@cryptoWalk3r) March 27, 2019”
For example, PCHAIN also has a large increase, and it is also the world's first "local multi-chain system" to support Ethereum virtual machines. According to Messari's data, PCHAIN's increase reached 792%.
Where will the altcoin season take us?
The altcoin season can occur either during the bitcoin rise or during the bitcoin decline. However, in general, the altcoin season generally occurs when bitcoin is traded horizontally. Because at this time, the stability of Bitcoin can make market participants more confident in the altcoin market.
Bitcoin itself is in a critical time period. Either the new bear market lows will be retested or will rebound into the new trading range. However, according to the performance of Bitcoin in this respect, if Bitcoin operates independently, the season brought to the altcoin will be a negative impact.
“A lot of people expect this to bottom out and look forward to the arrival of the altcoin season and the bull market. But imagine how bad it would be if the market trend re-enacted last November. — Jonathan Habicht (@HabichtJonathan) April 1 , 2019"
If the bitcoin price is to take off, investors will continue to benefit from the already invested altcoin and continue to invest in the altcoin in the process of bitcoin takeoff.
In another case, if Bitcoin falls, the market may re-emerge and cause a sell-off of the altcoin. But no matter what happens to the altcoin, they will largely depend on the price trend of Bitcoin.
Remarks: Bitcoin86 manuscript article, please indicate the source. The article is an independent view of the author and does not represent the standing position.