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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Altcoins Set Fresh Yearly Lows Against Bitcoin, XRP and TRX Worst Performers

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
altcoins bitcoin crypto xrp trx

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The altcoin market has been bleeding out for what feels like forever now. The selloff has picked up in severity in recent weeks, but first started back at the start of 2018 when the crypto bear market first began, and Bitcoin price crashed, bringing down the rest of the market with it.

But throughout much of that, Bitcoin and altcoins fell and bounced together, up until about April 2019 when the two tightly correlated assets began to diverge. After that, altcoins have now all went on to set yearly lows this past week in their ratios against Bitcoin, and if the two worst performers are a leading indicator, new yearly lows in USD may not be far behind.

Altcoins Set New Yearly Lows Against BTC, Will They Set New Lows in USD Next?

As Bitcoin price begins to fall and its bull run at risk of ending, all eyes are on the altcoin market that has since taken a serious beating by Bitcoin’s advance and extreme bearish sentiment surrounding the asset class. Crypto investors are torn on if the altcoin market will bounce here, causing a crash in the recently spiking BTC dominance metric and bringing to light the “alt season” they’ve all been waiting for, or if Bitcoin finally collapsing will drag altcoins down into further despair.

Related Reading | EOS, Ethereum, and Litecoin Lead Massive Bitcoin Dump to $9,500

Even before Bitcoin falls though, altcoins this past week all set new yearly lows on their BTC trading pairs. In the past week, Ethereum, Litecoin, EOS, and Tron all set new yearly lows in their BTC ratios. Ripple and Cardano both set theirs over the past month, while Bitcoin Cash set its yearly low against BTC almost two months ago.

https://twitter.com/bitdealer_/status/1168369292804534273?s=21

Ripple’s XRP and Tron’s TRX tokens are the worst performers of the bunch, also falling to new yearly lows on their USD trading pairs within the last month.

If these two tokens are leading indicators for the rest of the altcoin space, then the worst may yet to come given that Ethereum, Bitcoin Cash, Litecoin, EOS, and Cardano all have held their USD values above yearly lows. Should these crypto-assets fall to also set new yearly lows, the altcoin apocalypse will not only continue, but will ramp up in severity.

Altcoins, typically also drag down Bitcoin, with Ethereum, EOS, and Litecoin all leading the last dump that brought Bitcoin down below $10,000 for the most recent time. Should these three assets have a lot further to drop, they could further drag Bitcoin price down as well.

Related Reading | Crypto Analyst Says XRP Fireworks Are Coming After Bounce From 2014 Support

Given that most altcoins are on track to set new yearly lows in USD and not just their BTC ratios, it is not without the realm of possibility that Bitcoin could also go on to set a new yearly low. However, the scenario is unlikely given Bitcoin’s fundamentals and current bullish market structure.

 

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. 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’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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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’s 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’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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