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Home Cryptocurrency news Bitcoin

Bullish Bitcoin Altcoin Carnage Continues, Analyst Says Capitulation Just Beginning

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news, EOS, Litecoin, Ripple
Reading Time: 3min read
Bullish Bitcoin Altcoin Carnage Continues, Analyst Says Capitulation Just Beginning
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Bitcoin’s early April 2019 rally through resistance at $4,200 halted the ongoing altcoin season in its tracks, and following the latest upward move in Bitcoin price charts the value of altcoins both relative to BTC and USD have began to plummet – with some setting new bear market lows.

In the aftermath of yesterday’s further Bitcoin rally to $5,650, BTC dominance broke out of resistance, causing additional bleeding in the altcoin market. As the decline continues, a leading altcoin analyst believes that capitulation in altcoins has only just begun, while another analyst predicts just how far BTC dominance will rise during the altcoin reckoning.

Altcoin Market a Sea of Red Following Further Upward Bitcoin Movement

The overall altcoin market has taken a massive hit in the last 24 hours, with most of the top ten experiencing 8% or more losses on the day.

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EOS was the worst performer of the crypto top ten, dumping as much as 9.65% of its USD value, while Ripple, which has performed very poorly during the short-lived alt season, dropped another 7.5% to 30 cents per XRP.

Related Reading | Altcoin Trader: Alt Market Cap Shows Longest Accumulation Phase Yet 

Litecoin, which helped lead the initial altcoin rally and sparked what many were calling an alt season, has fallen 7.88% to $72.32 and is down over $20 from its local high of $94.

Even Binance Coin that’s shown resilience in the face of most bearish selloffs since the bottom was in back in December, took a significant hit.

Bitcoin Pumping While Altcoins Dump Inverse Relationship Began At Break of $4,200

Crypto analyst Luke Martin has shared a chart that visualizes when the inverse correlation between BTC and alts began. As demonstrated in the chart, altcoins had been closely following Bitcoin alongside it for each peak and trough, up until the Bitcoin’s break of $4,200.

$BTC pumping & alts dumping visualized.

Generally speaking most alts had positive corr with Bitcoin's moves for the past 5-6 months.

Relationship changed right after the $1k $BTC breakout.

*cc of $ETH, $LOOM, and $VET used as an example* pic.twitter.com/vCYu7bw4jF

— Luke Martin (@VentureCoinist) April 23, 2019

At that time, Bitcoin dominance broke up, potentially suggesting that the Bitcoin rally was fueled by alt season profit taking. Another analyst, who goes by the name BenjaminBlunts claims that BTC dominance breaking up “does not bode well for alts,” which has already been shown clearly in the recent bearish price action in the altcoin space.

closed off all altcoin positions, was fun while it lasted.

BTC dominance now breaking up does not bode well for alts pic.twitter.com/GR4LI6xhDG

— ??Benjamin ?$BAT? Blunts?? (@SmartContracter) April 24, 2019

The trader also shared a chart that calls for a BTC dominance target of 64%, up 10% from yesterday’s 54% dominance. What’s not clear, though, is if dominance will rise due to altcoins bleeding further, or due to Bitcoin further rallying.

Another analyst, DonAlt, however, thinks it’s the former, and warns that “capitulation” may just be beginning. He called the messages he received from his followers asking if they should liquidate their altcoin holdings “heartbreaking.”

It's heartbreaking to get all these "Should I sell my alts now" messages.
The beginning of capitulation is usually a bad place to sell anything.
The end of it is even worse.

If you sell now you probably won't rebuy the bottom.
If you don't you'll probably capitulate the bottom.

— DonAlt (@CryptoDonAlt) April 24, 2019

For those that bought during the peak of the bull run back in December 2017, seeing the first glimpse of altcoin bags showing signs of life once again, only to see them fall to new lows, is nothing short of heartbreaking for crypto investors.

Tags: alt seasonaltcoinaltcoinsBinance Coinbitcoinbtc dominanceeosLitecoinRipple
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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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