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Home Cryptocurrency news

Crypto Altcoins Risk Dangerous Collapse As Three Year Triangle Resolves

Tony Spilotro by Tony Spilotro
11 months ago
in Cryptocurrency news, Bitcoin
Reading Time: 2min read
crypto altcoin bitcoin btc dominance
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During the crypto hype bubble that made Bitcoin a household name, altcoins exploded to all-time highs and generated life-changing wealth for early investors.

Since then, there’s been a three-year downward trajectory that is about to resolve further to the downside, putting altcoins at serious risk of extinction.

Bitcoin Halving Is Crushing Already Battered Crypto Assets Further

Bitcoin’s halving is here, and interest is returning to the cryptocurrency space. However, that interest is almost entirely going into Bitcoin, leaving altcoins like Etheruem XRP, and others in its dust.

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Capital is pouring out of alts and into BTC in hopes that the Bitcoin halving causes prices to spike in the days ahead.

Related Reading | Bitcoin Dominance Exposes Altcoins To Bounce or Die Scenario 

The scramble to buy more Bitcoin has caused altcoin investors to dump their holdings in exchange for BTC. This is evident across nearly all altcoins on their BTC trading pairs, which have recently fallen to new bear market lows.

The total altcoin aggregated market cap, sans Bitcoin, when paired with BTCUSD on TradingView, provides a clear visual look at the health altcoins.

A massive, three-year-long pattern has formed on the metric’s chart, potentially signaling a dangerous collapse in alts that could take them back to prices from 2016.

crypto altcoin bitcoin btc dominance

Altcoins Could Face Certain Doom If Weekly Closes Outside of Three-Year Triangle

The total altcoin market cap paired against BTC acts as an inverse Bitcoin dominance chart, providing a better look at the balance between alts and Bitcoin.

During the explosive pump to all-time high in late 2017 and early 2018, Bitcoin dominance fell to the lowest point ever. Since then, it’s been on an upward trend that hasn’t yet stopped.

A reversal appeared to be taking place, but the most recent price action has caused a massive symmetrical triangle to form.

Related Reading | Stimulus Checked: Here’s The ROI on a $1,200 Investment in Top Crypto Assets

Interest in Bitcoin’s halving has caused altcoin holders to purge their remaining holdings in exchange for Bitcoin. The change in the flow of money has caused alts to break down from the triangle on weekly timeframes.

If the weekly candle closes below this line, altcoins could be in danger of having their valuations drop to pre-2017 levels, with many reaching close to zero.

The one savior for alts is the fact that it was the last Bitcoin halving that caused the very first major altcoin season, and is what set Bitcoin dominance on a downward trajectory for the first time.

If it happens again, this latest breakdown is just a bear trap before altcoins take off.

Featured image from Pixabay
Tags: alt seasonaltcoinaltcoinsbitcoinbitcoin dominancebtcbtc dominancebtcusdBTCUSDTcryptoxbtusd
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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 and feel free to drop me a line if you would like to work together.

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