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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

These Altcoins Set a New ATH While Bitcoin And Ethereum Tank

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
crypto bitcoin ethereum altcoins altcoin

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Last week, Bitcoin price fell from a high of $9,800 to a low of $8,900. Ethereum fell over 10% from $248 to $215. But while these top crypto assets tanked, several small-cap altcoins not only surged but set records for a new all-time high.

What’s causing these underdog altcoins to rally while major crypto assets continue to struggle under the same market conditions?

Major Cryptocurrency Assets Bitcoin and Ethereum Continue To Struggle With Resistance

Bitcoin and Ethereum continue to struggle with resistance above $10,000 and $250 respectively. Worse yet, the two major cryptocurrency assets dominating the market, are now having a hard time with levels below that.

The weight of stock market uncertainty and a resurgence of cases of the pandemic has brought fear back to crypto.

The chances of a V-shaped recovery completing fade by the day. Instead, most major assets have done nothing more than set a lower high, which is a sign of a coming downtrend.

Related Reading | Brutal Drop In Altcoins Anticipated as Bitcoin Dominance Projected to Surge

A lower low could be next, confirming the existence of a deeper downtrend. The risk alone has put a damper on any bullish momentum the assets had at the start of 2020 and in recent weeks.

But while the most important crypto assets struggle, small-cap altcoins have been soaring under the same conditions and sentiment. But why?

crypto bitcoin ethereum altcoins altcoin

Ten Small-Cap Altcoins Set New All-Time High Records During Crypto Drawdown

Last week, while Bitcoin and Ethereum sank, small-cap altcoins not only surged, they set new records. According to data, ten different small-cap altcoins across six different exchanges set a new all-time high.

The list includes:

  • Universal Market Access (UMA)
  • Ren (REN)
  • DMM: Governance (DMG)
  • Synthetic Network Token (SNX)
  • Celsius Network (CEL)
  • THORChain (RUNE)
  • Reserve Rights Token (RSR)
  • pNetwork (PNT)
  • Balancer (BAL)
  • Aleph.im (ALEPH)

Not even a handful from the list crack into the top one hundred cryptocurrencies by market cap. Combined, all ten cryptocurrencies don’t even amount to $1 billion in market capitalization with just over $775 million total.

Aside from being a low cap altcoin, these assets have very few things in common. With little correlation, there seems to be no rhyme or reason as to why these crypto assets are pumping while Bitcoin and Ethereum sink further.

Related Reading | Altcoins Pumping on Cryptocurrency Exchange Listing Brings Back Memories Of Bull Market

The allure of opportunities elsewhere in the crypto market may be prompting profit-taking in Bitcoin and Ethereum. Another theory simply points to these low liquidity assets pumping through very little capital injection.

At under $1 billion in total capital, and with a couple of the projects amounting to just $1 million in market cap, it takes very little money to move the prices of these assets.

With such low market caps and trading volume, any activity in these assets could result in larger gains. Whales know this and could be utilizing the small-cap altcoins to bolster their BTC and ETH holdings ahead of an eventual breakout.

Profit-taking is said to flow out of small-cap altcoins eventually, into mid-cap altcoins. From there, money eventually makes its way back into major altcoins like Ethereum, then back into Bitcoin. That is when the bull market may begin, and then the cycle will repeat all over again.

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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.

Read more

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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