• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Crypto Analyst: Altcoin Apocalypse Caused Bitcoin Bear Market

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
bitcoin crypto altcoins altcoin
Advertisement

Bitcoin was the first cryptocurrency to ever be created, and any crypto assets created after it are referred to as altcoins. These altcoins promise to improve upon Bitcoin in a number of ways – from faster transaction speeds to a larger supply and other attributes – and to bring investors gains similar to that of early Bitcoin investors.

But not only has Bitcoin outperformed most altcoins in 2019 and historically, but altcoins may also be responsible for the asset’s bear market, and the reason why crypto winter may be returning once again.

Altcoins Responsible for 2018 Bitcoin Bear Market

2017 was the year that put crypto on the map and brought the emerging technology and budding asset class into the mainstream limelight. During that year, there was an explosion of ICOs and dozens of new altcoins were popping up by the day. Bitcoin went parabolic and set an all-time high of $20,000.

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

Related Reading | Next Week Could Be Most Critical Week for Crypto Yet 

Shortly after that, altcoins began to skyrocket and set their all-time highs in the days following Bitcoin, then the entire market began to fall. At that peak, BTC dominance  – a metric used to weight the leading crypto asset against the rest of the market – was at its lowest point ever. Since then, BTC dominance has only grown.

One of the most prominent and respected crypto analysts in the space, 100TrillionUSD, says that this rise and fall in altcoins, was responsible for Bitcoin’s bear market in 2018 and not CME futures the crypto community likes to point fingers at.

Some people blame CME or Bakkt futures for #bitcoin's bear market.

IMO the rise and fall of altcoins is a more likely driver of 2017-2019 btc prices. Btc dominance fell from 98% to 40% … and is now back at 70% (and counting). Bitcoin up 8x since the start of alt experiment ? pic.twitter.com/dC4ZCMuXzc

— PlanB ? (@100trillionUSD) September 30, 2019

The analyst says that since the “alt experiment” Bitcoin’s value has grown 8x in value, while Bitcoin dominance rose from 40% to 70% “and counting.”

Alt Apocalypse Also May Have Caused Most Recent Crypto Crash

If altcoins were responsible for the 2018 bear market, could they also be responsible for Bitcoin’s recent collapse? Given the negativity surrounding altcoins and crypto-assets like XRP setting new bear market lows, it is quite possible.

In fact, with sentiment surrounding altcoins being so low, and assets setting fresh yearly lows, it’s possible that the bear market never ended for altcoins like it did with Bitcoin, and the sell pressure across the industry and market in altcoins has spilled over into Bitcoin markets,  causing the price to break down from the multi-month triangle formation it was trading within.

Related Reading | Crypto Pundit: Altcoin Sentiment Will Cause Bitcoin to Collapse

Ahead of the crash, which saw as much as 20% of Bitcoin’s value wiped out in 48 hours, altcoins began to rally, but the rally was short-lived and a rejection in Etheruem and XRP may have been the straw that broke the camel’s back.

Now, not only could altcoins be back in a bear market – or never left it in the first place – Bitcoin’s bull run may be in jeopardy and the current downtrend could drag the leading crypto asset by market cap back into a bear market.

Featured image from Shutterstock
Tags: 100TrillionIUSDaltcoinsbitcoincryptoPlan B
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? 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 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.

Related Posts

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Holds $50,000 on Global Corporate FOMO; What to Expect?

3 hours ago
Uniswap’s UNI Hung After Hitting Record High; Breakdown Risks Persist

Uniswap’s UNI Hung After Hitting Record High; Breakdown Risks Persist

5 hours ago
easyfi

Leading DeFi Protocol EasyFi Expands to Binance Smart Chain

23 hours ago
DAFI

How DAFI Protocol Rewards Long-Term Token Holders and Supports Sustainable Project Growth

1 day ago
bitcoin and Ethereum macro beating

Economist: Ethereum and Bitcoin Look “Bullish” After Withstanding “Macro Beating”

3 days ago
paradox

How Paradox Group Is Helping DeFi

3 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Router Protocol and Polygon Partners With DFyn to Launch L2 GalaxyFarm

March 8, 2021

Get the Latest Crypto News, Trends and Insights at Interactivecrypto

March 8, 2021

Connect Financial to List CNFI Tokens with BitMax

March 8, 2021

Newsletter Signup


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

Auto Trading Software ▸

Cryptocurrency news

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

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 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.