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Home Cryptocurrency news Bitcoin

Altcoin Market Bottoms With Highest Buy Volume in Crypto History

Tony Spilotro by Tony Spilotro
12 months ago
in Bitcoin, Cryptocurrency news, Ethereum, Ripple
Reading Time: 3min read
altcoin market bottom crypto volume
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Last week the altcoin market exploded, bursting through local downtrend resistance and going on a rally that added over $30 billion in value to the overall crypto market cap sans Bitcoin.

The breakout was accompanied by the highest level of buy volume on the total altcoin market cap weekly price chart, which could indicate that the bottom is finally in for altcoins, and the market may soon reenter a bull phase.

Altcoins Everywhere Breakthrough Local Downtrend Resistance

On December 18, 2019, the alt market may have put in its final bottom, when altcoins across the crypto market began wildly surging, with many driving gains of a few hundred percents or higher.

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The majority of alts, including Ethereum and XRP, rallied as much as 40% or higher over the last 30 days, causing many altcoins to break out of downtrend resistance.

Related Reading | Ready for Liftoff: Altcoin Market Cap Breaks Out of Downtrend 

Even the total altcoin market cap – an aggregate of the total cryptocurrency market cap minus Bitcoin – has surged over 60% in the last 30 days.

Is the Alt Market Bottom In? Spike in Crypto Volume Suggests So

The breakout in the total altcoin market cap price chart was also accompanied by a record-breaking surge in trading volume on weekly timeframes.

New weekly for #TOTAL2 opened just over an hour ago now.

That said, last week alone showed the highest buy volume for the alt markets ever recorded on @tradingview.

As many may know, this is significant in market dynamics and suggests a true bottom established. Take note. pic.twitter.com/9wFjxAXqVy

— Parabolic Thies ♔ (@KingThies) January 20, 2020

Volume typically precedes price, according to many top analysts, suggesting that altcoins are soon set to surge even higher, potentially recouping much of the gains lost following the crypto hype bubble deflating.

The alt market has spent two full years in a bear market, which has led to extremely oversold levels and very low liquidity – the perfect environment for whales to load up for cheap, and pump prices up.

After a strong breakout of resistance, price typically comes back down to confirm the former resistance as support. When altcoins do return to the support to confirm it, it may be the best financial opportunity for crypto investors since the early Bitcoin days, or at least since before the crypto bubble.

crypto altcoin market bottom

Despite the breakout being confirmed with massive volume, the last major breakout of local downtrend resistance resulted in a failed confirmation of support, causing the altcoin market to fall to its bear market low.

Related Reading | Altcoin Market Explodes By Over 50% In 30 Days, Is Crypto Due for A Pullback?

If history repeats, the alt market could fall to set a new local low, or perhaps a new bear market low. The risk is still very much present until the altcoin market cap breaks out of its longer, downtrend resistance line dating back to the crypto market’s all-time high in January 2018.

Tags: altcoinbitcoinethereumxrp
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. 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 and feel free to drop me a line if you would like to work together.

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