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altcoins altober bitcoin
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Bitcoin Outperformed: Altober Continues as Altcoins Show Upsurge

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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Bitcoin has started once again trading sideways after a breakdown from its previous trading range, and when Bitcoin trades sideways, altcoins often get their time to shine.

Thus far in October, altcoins have outperformed Bitcoin by a wide margin, and according to crypto analysts, the surge in alts could last all month long and have dubbed the month of October “Altober,” as a result.

Move Over Alt Season, Bitcoin Beware, Altober Is Here for Altcoins

The crypto community has affectionally dubbed the month of October as Altober, due to altcoins like Etheruem, XRP, Litecoin, and many more vastly outperforming Bitcoin in recent days.

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Related Reading | Bitcoin Dominance Breaks Down As Altcoins Begin to Rebound 

The normal term for when altcoins outshine Bitcoin is called an alt season, but the term has been used to the point of meme status over the course of 2019, as each glimmer of hope that altcoins would rebound was stopped short by the king of crypto, Bitcoin.

But now that Bitcoin dropped from local highs, it is now trading in a sideways range – creating the perfect environment for the altcoin market to pop and regain some lost ground against Bitcoin.

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Of the top ten, almost all crypto assets have outperformed Bitcoin. From October 1 through today, Bitcoin is up roughly 2% from high to high. Meanwhile, Ethereum has risen 8% and Litecoin 7% in the same timeframe.

XRP is another standout from the top ten cryptocurrencies by market cap, posting a 12% gain during the month of October thus far. Binance Coin, the crypto platform’s native token – and the best performing altcoin of the year – also rallied by as much as 17%.

Related Reading | Ethereum, XRP, Litecoin and Other Large Cap Altcoins Poised For 20% Breakout 

Below the top ten, Maker has surged, cementing a 22% gain since October 1. However, few crypto assets have performed as well as Chainlink this month, with an over 61% gain in less than ten days. With such performance, it won’t be long until Chainlink enters the top ten cryptocurrencies by market cap.

Despite the gains across the board in the altcoin market, it’s not clear whether this is the first signs of a true reversal from the bloodbath the crypto market has seen over the last two years, or if this is just another dead cat bounce to be swatted down by crypto traders bearish on altcoins.

If you look at #Bitcoin's previous Market Cycles…

Altcoins have always rallied after $BTC's first major pullback in its new Bull Market

It doesn't look like this time is different#Crypto

— Rekt Capital (@rektcapital) October 9, 2019

An alternative theory is that capital from Bitcoin profit-taking is still making its way into altcoins. The entire asset class had been bleeding out, but with Bitcoin reaping most of the benefits and helping to drive the asset further along its parabolic rally. With the rally now over for Bitcoin, altcoins will likely find some relief, and the relief rally could last the entirety of October, truly earning it the title of Altober.

Tags: altcoinsBinance CoinchainlinkethereumLitecoinmakerxrp
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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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