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Home Crypto

Altcoins Reach Pivotal Crossroads, Fate Of Crypto Hangs In The Balance

Tony Spilotro by Tony Spilotro
4 months ago
in Crypto
Reading Time: 3min read
altcoins fate crypto market bitcoin btc

Hand choosing a hanging key amongst other ones.

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Altcoins, after three years of a bear market, are lagging far behind Bitcoin in terms of overall recovery. Ethereum, XRP, and several others are still more than 50% away or more from their all-time highs, while Bitcoin inches closer to revisiting its.

Bitcoin is undeniably bullish, but altcoins are currently showing indecision in more ways than one. The altcoin market is at a major crossroads, and the outcome could change the future of the crypto market moving forward. Here’s how.

Crypto Crossroads: Indecision Signals Dominate Altcoin Market

Bitcoin is the first-ever cryptocurrency from which all other altcoins came after. Most altcoins were designed to beat Bitcoin at its own game, and despite faster speeds, smaller fees, or better scalability, the top cryptocurrency maintains the lion’s share of crypto market dominance.

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Ethereum, XRP, and more have all found their niche alongside Bitcoin instead, aiming for a different investor audience and use case entirely.

Related Reading | Bitcoin Dominance Is Days Away From Triggering A 30% Rally Against Alts

The rest of the altcoin space, however, is filled with broken promises, scams, and projects that will never revisit their previous highs. And while there’s no telling if even Ethereum and XRP could share that same fate in the end, the altcoin market cap as a whole is at a critical junction and when the indecision breaks, a sizable move should follow.

On monthly timeframes, the indecision is made clear through a string of doji candles at resistance. Either this is consolidation before a massive move upward, of a catastrophic selloff in altcoins could soon follow.

crypto altcoin market cap total 2 crypto cap

The altcoin market cap monthly Ichimoku and doji indicate indecision | Source: CRYPTOCAP-TOTAL2 on TradingView.com

Bitcoin Bull Run Leaves Investors Indecisive On Alts With Economy At Risk

The indecision is also made even more obvious due to the Tenkan-sen and Kijun-sen lines converging on the Ichimoku – a rare event for the technical analysis indicator. A crossover of the two lines, also called the Baseline and Conversion line, kick-started the bear trend.

If the Tenkan-sen crosses above Kijun-sen, it is a signal a new bull market is beginning for altcoins. But if the Tenkan-sen heads back down under the Kijun-sen, crypto winter for altcoins is about to get a lot colder, even though Bitcoin’s bull run could be here.

crypto altcoin market cap total 2 crypto cap zoomed

There's a long distance to fall for altcoins if indecision breaks to the downside | Source: CRYPTOCAP-TOTAL2 on TradingView.com

Interestingly, in the chart above, the cloud over 2021 is red, suggesting bearish future price action ahead. The bear trend could extend all the way into 2023 according to the cloud, however, the cloud also acts as a magnet for price action, posing as support or resistance both.

This could indicate several more years of consolidation at former highs before new highs are reached for altcoins. But that’s a bullish take.

Related Reading | Crypto Analyst: Altcoins To “Tank” While Bitcoin Runs For All-Time High

The bearish take, instead sends the total altcoin market cap retracing much of the parabolic advance that took the ballooning crypto market to such size back in 2017. And as the chart shows above, there’s a long way to fall for alts.

A full-blown Bitcoin bull run due to serious investors, combined with the unforgettable lack of promise from the last bubble, could leave altcoins behind this market cycle, even despite a bullish Bitcoin. It is a scenario that all crypto investors must be cautious of, as, with a pandemic and potential economic crash ahead, this time is clearly different in crypto.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: altcoin market capaltcoinsbitcoinbtccryptocryptocap-total2
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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