Alt Season 2.0: Ethereum and XRP Post 20% Gains, Litecoin and More Up 10%

Tony "The Bull" Severino

5 years ago

3 mins read

ethereum xrp litecoin bitcoin altcoin alt season crypto

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At the start of 2019, altcoins like Litecoin, Ethereum, and XRP started to climb and show glimmers of hope that the bear market might finally be over, but a powerful parabolic Bitcoin rally sucked the momentum and capital right out of the altcoin market.

But now that Bitcoin price is stagnating, altcoins are once again starting to rise, posting some of the largest gains seen in all of 2019. It’s caused even the most pessimistic crypto traders to consider that alt season may be finally upon us.

Ethereum, XRP, and Litecoin Lead Alt Season 2.0

Alt season has become a bit of a meme throughout the bear market, with crypto analysts loudly calling for one each and every time altcoins begin to bounce during their continued downtrend. And each and every time altcoins eventually get swatted back down to continue the bleeding.

There are presently only two alt coins in the red on Binance. It’s alt season 2.0, and has been for a while. Get it while it’s hot.

— The Wolf Of All Streets (@scottmelker) September 18, 2019

But as the saying goes, this time may be different. Altcoins are bouncing from long-term support, and the rallies are showing exceptional strength, and are even continuing to rally while Bitcoin struggles with overhead resistance – something not seen for much of 2019.

Ethereum has been leading the charge, with as much as 20% growth. XRP , one of the worst-performing crypto assets of 2019, has also gained around 20% even as sentiment surrounding the altcoin hits an all-time low. EOS and Dash are also up by a similar margin.

Past 7 days…

Ethereum, EOS, Dash, and XRP are up about 20%.

Litecoin, Cardano, Tron, Tezos, and IOTA are up about 10%.

Bitcoin is up 0.5%. pic.twitter.com/l8NzN7hdFl

— Mati (@MatiGreenspan) September 18, 2019

Litecoin, Cardano, Tron, Tezos and IOTA, and others from the top 20 crypto assets by market cap are also up by about 10% or more. Stellar, which has plummeted further and further throughout the bear market spiked by 40%.

The boom in altcoins is due to extremely oversold conditions, and a breakdown in Bitcoin dominance – a metric that weights the king of crypto against the rest of the market. But depending on the type of formation that BTC dominance is in, it could spike back up, wiping out any gains altcoins have seen during this rally.

Enjoy your #ALTs, but remember….
There is a BIG chance that this #Altseason won't last that long…#Bitcoin probably gonna f*ck things up end November! 😈
imo it's till aiming for that 78% Dominance 🎯

🤟 pic.twitter.com/k1aHhambSg

— MAXi. (@888Velvet) September 17, 2019

If this happens, the current alt season will be short-lived. Yet another glimmer of hope, followed by disappointment could be extremely damaging to the altcoin market, as sentiment is already at extreme lows.

Even if altcoins do rally further, it may not be enough to ever fix the negative sentiment left over from the brutal bear market, as most of these assets have over 900% to go in order to return to their previous all-time highs after retracing as much as 90% or more.

Alt-coin's rallying.

Cool, only 900% to break-even.

— Bob Loukas 🗽 (@BobLoukas) September 17, 2019

Whatever happens, altcoins like Ethereum, XRP, and Litecoin are currently booming and the crypto market is watching closely for confirmation that it’s the real thing, of if this yet another bounce for the altcoin market that results in yet another rejection from seemingly unstoppable BTC dominance.

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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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.