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altcoin volatility bitcoin crypto
Nexo Logo

Altcoin Volatility Rising, But Alt Season Won’t Arrive Until Bitcoin Volume Returns

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news, Ethereum, Ripple
Reading Time: 3 mins read
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The crypto market has reached a period of stagnation. Volume is at extreme lows, suggesting interest in the emerging class of Bitcoin and altcoin assets may be waning.

Volatility has begun to increase, suggesting that action could also soon be picking up. However, one crypto analyst says that an alt season won’t occur until volume returns to the market, and in particular, Bitcoin.

Crypto Market Suffers Period of Stagnancy Following Extreme Hype

Bitcoin’s meteoric rise took the world by storm, as people rushed to buy up the scarce crypto asset. The entire run-up made many millionaires along the way, which caused retail investors to try their hand in the market.

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Related Reading | List of Crypto All-Time High Prices Shows How Far Market Must Recover 

Since many felt they had already missed their chance to buy Bitcoin cheap, retail investors turned to altcoins. Getting in as early as possible meant that investors often looked to initial coin offerings, which were in large part built on the Ethereum protocol.

Bitcoin and Ethereum rising together caused a synergistic effect across the market, making it appear that anyone could become wildly rich just by finding the right altcoin.

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Right as Bitcoin peaked, investors flocked to altcoins in droves, causing the price of the illiquid assets to explode. But those who bought in too late were left holding extremely heavy bags that are now sitting at as much as a 99% loss in some cases, and it’s left a bad taste in the mouths of retail investors who were burned as the bubble popped.

Now, almost two full years later, the crypto market is still stagnant, suffering from a general lack of interest. Bitcoin’s early 2019 rally started to bring some interest back into the market, but since then volume in Bitcoin is also drying up.

Volatility Returns to Altcoin Market, But Alts Are Waiting for Bitcoin Volume Trigger

However, volatility in altcoins is starting to ramp up once again, according to one crypto analyst. The analyst claims that it’s either due to volume being down for Bitcoin, causing a lull in interest and general boredom in the market, or lingering effects due to the China news pump back in October.

Still, the analyst is hesitant to claim an alt season is near, and believes that will not occur until volume returns to Bitcoin in a big way. Only then will the relationship with altcoins reverse into a positive trend.

Volatility to the upside has been picking up for $ALTS pic.twitter.com/PCxj8UlUZA

— Ceteris Paribus (@ceterispar1bus) November 18, 2019

While Bitcoin has regained much-lost ground from its all-time high, other altcoins, even top altcoins like XRP and Ethereum, are down as much as 80% or more from their all-time high prices and have a lot more catching up to do.

Related Reading | Bye-Bye Bitcoin? Why the Altcoin Bottom is In

As past performance has shown, when altcoins do rebound, they’re likely to outperform Bitcoin by a large margin, suggesting that this period of stagnancy could be the buying opportunity of a lifetime.

Tags: altcoinbitcoincryptoethereumvolatilityxrp
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. 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 at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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