• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Bullish Bitcoin Altcoin Carnage Continues, Analyst Says Capitulation Just Beginning

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news, EOS, Litecoin, Ripple
Reading Time: 3 mins read
Advertisement

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.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

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

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

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
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

Ethereum price

Will “The Merge” Be A Buy The Rumor Sell The News Event For Ethereum?

2 mins ago
Bitcoin Bear

Bitcoin aSOPR Fails Retest Of Historical Bull-Bear Junction

2 hours ago
Ethereum Price

Ethereum Merge Scheduled For September 15/16, ETH’s Price Skyrockets

4 hours ago
Polygon

Polygon Maintains Solid Footing As MATIC Balloons By 300% Since June

5 hours ago
AVAX

AVAX Holds Steady And Sets Sights On $50 Barrier Breach

8 hours ago
Is Bitcoin Price Hiking Due To An External Reason, What Does The Data Suggest

Is The Bitcoin Surge Due To An External Reason? What The Data Suggests

8 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Most Investors are Still Looking at Cardano, Enjin Coin, and Mehracki as the CryptoCurrency Market Expands

August 11, 2022

Petrousus – The New Cryptocurrency That Could Become Profitable Like BNB

August 11, 2022

These Altcoins Are An Absolute Must-Have: Axie Infinity, Apecoin and HypaSwap

August 11, 2022

Zompot – The Next Crypto Wave Arrives To Meet Ethereum And Ripple

August 11, 2022

Top 3 cryptos for a balanched protfolio: Supontis (PON), Avalanche (AVAX), and Polygon (MATIC)

August 11, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.