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Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
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Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision

Alt Season Resumes as Bitcoin Price Continues Upward Climb Toward $6,000

Tony "The Bull" by Tony "The Bull"
4 years ago
in Bitcoin, Cardano, Cryptocurrency news, EOS, Ethereum, Litecoin, Ripple, Stellar
Reading Time: 3 mins read
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Crypto bulls have been dominating the price action as of late, with many altcoins posting 100% or more gains since they reached their bear market bottoms. It’s caused many traders and analysts to agree that an alt season has been upon us.

However, a massive Bitcoin rally halted alt season in its tracks, but it’s since resumed now that Bitcoin made it through resistance at $5,350 that had appeared to keep the rest of the market at bay.

Altcoins Rebound Following Bitcoin’s Latest Bullish Move

Bitcoin and the rest of the crypto market have experienced strong gains since the start of 2019, and is showing no signs of slowing. After a recent powerful rally, BTC made a quick consolidation pause between $4,800 and $5,200 before continuing on its journey back toward $6,000.

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As Bitcoin price consolidated, altcoins suffered. The correlation between Bitcoin and alts is fickle – occasionally alts fall while Bitcoin climbs, while other times they rally alongside their older crypto brother.

Now that Bitcoin has broken through resistance at $5,350, the alt season that had the crypto space irrationally exuberant once again seems to be getting a second wind.

Related Reading | Crypto Comeback: One Simple Chart Proves Altcoin Season Is Upon Us

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Of the top ten cryptocurrencies by market cap, Cardao (ADA) is the clear winner, with an over 7% gain on the day thus far relative to Bitcoin’s 3% gain. EOS is close behind it, with a 4.77% surge. The rest of the top ten experienced between 2 and 3% gains on the low and high end of things, as alts like Ripple, Ethereum, Litecoin, and Stellar all remained relatively stable.

The price action lower down the list of top cryptocurrencies is where the resurgence of alt season is going strong, with Repo Coin – a blockchain for repossessing automobiles – painting a nearly 75% gain on the day. Right above it is Lambda, which is currently enjoying a 50% rally.

Today’s top gainer, according to CoinMarketCap, is RealTract, which has more than doubled in value, with over a 165% gain in the last 24 hours. Gains like this are virtually unheard of in traditional markets without leverage.

BTC Dominance Continues to Keep Major Alts At Bay

While Bitcoin was close to breaking below 50% dominance, it has since risen 1% and is showing signs of strength. BTC dominance is regularly used to gauge the health of the altcoin market in comparison with Bitcoin.

I know the total market cap shouldn't be used for TA but it shows that the alt spring might be close to be over. I might re-enter the alt market once it bounces on that blue area #Crypto pic.twitter.com/lCJnn29PbB

— SwissQuant (@SwissQuant) April 9, 2019

Most traders don’t put much weight in applying technical analysis to Bitcoin dominance charts, but it’s clear that a strong break below 50% would cause altcoins to skyrocket, while Bitcoin remains relatively stable. However, if Bitcoin continues its bullish momentum, dominance should only rise, causing altcoins to bleed out their recent value increases as investors take profits back into Bitcoin via altcoin trading pairs.

Related Reading | 2019 Crypto Alt Season Kicks Off With Over 20 Altcoins Doubling in Value 

If the latest price action in the crypto market is anything to go by, Bitcoin gets the final say over if alt season continues.

Featured Image from Shutterstock
Tags: alt seasonaltcoinsbitcoineosEtheruemLitecoinRipple
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Tony "The Bull"

Tony "The Bull"

Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check him out on Twitter or in his free TonyTradesBTC Telegram channel. Follow @TonyTheBull on Twitter and search CoinChartist on YouTube.

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