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Home Cryptocurrency news

Crypto Investors Believe There’s More Pain Ahead For the Altcoin Market

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin, Ethereum, Litecoin, Ripple
Reading Time: 3min read
Crypto Investors Believe There’s More Pain Ahead For the Altcoin Market
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Bitcoin has had near non stop bullish momentum throughout 2019, but the altcoin market hasn’t been near as fortunate – sans a couple of outliers. The sentiment surrounding altcoins is in the gutter, and prices of even top altcoins have continued to drop in USD value and even more so in their BTC ratios.

Even with all the negativity in the altcoin market, the vast majority of crypto investors expect there to be “more pain” ahead for altcoins like Ethereum, Ripple, and Litecoin.

Crypto Investors Expect Max Pain for Altcoin Market

Any crypto investor that bought altcoins during the height of the 2017 hype bubble or during the one or two week alt season in early January 2018 – before the bear market really kicked into high gear – are carrying very heavy bags at this point – down in many cases over 90% from prices traded back then, and without a glimmer of hope of ever returning to said prices.

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Related Reading | Altcoin Apocalypse: Only Two of Top Ten Crypto Cap Have Outperformed Bitcoin 

Recent regulatory uncertainty, the largest crypto exchange in the market cutting off the largest population of investors from most altcoins, and a Bitcoin bull run have only further sucked any life and capital out of the altcoin market.

These factors combined could be why even despite what should be extremely attractive prices for buying, the overwhelming majority of crypto investors believe there is “more pain” to come for altcoins like Ripple or Etheruem.

Have $alts bottomed or is there more pain?

— Alex "Libertas" Smith (@alexlibertas_) August 12, 2019

According to a recent Twitter poll, 70% or more than two-thirds of over 4,700 respondents believe that the altcoin carnage isn’t complete, while the remaining 30% think that the asset class has finally bottomed.

Remember The Bitcoin Bottom? Sentiment Can Be a Powerful Contrarian Indicator

The current sentiment surrounding altcoins is similar to the sentiment around Bitcoin when it was trading in its lowest bear market range between $3,200 and $4,000 in early 2019. Crypto investors everywhere at that point had moved into the anger and despair phase, and overly irrational lows were commonplace.

This type of extreme sentiment that is being witnessed in the alt market was a powerful contrarian indicator for Bitcoin, and the crypto asset left its bear market lows faster than most were able to buy and has yet to truly take a break from its ongoing bull rally since.

Related Reading | Continued Bitcoin Correction Could Cause Lead to Altcoin Market Double Bottom 

Prominent investors have advocated buying the “blood in the streets” or “being greedy when others are fearful” – popular quotes used to remind the masses that taking a contrarian stance and a calculated risk can often bring the most financial reward. If that time is now for altcoins remains to be seen, but like Bitcoin’s bottom, it may very quickly be too late to take advantage of what are the best possible prices for altcoins yet.

Tags: altcoinbitcoincryptopolltwitter
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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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