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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Outperformed: Altober Continues as Altcoins Show Upsurge

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
altcoins altober bitcoin

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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.

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.

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.

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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.

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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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