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Home Cryptocurrency news

Ethereum, XRP, Litecoin and Other Large Cap Altcoins Poised For 20% Breakout

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin, Ethereum, Litecoin, Ripple
Reading Time: 3min read
ethereum xrp litecoin altcoins
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With Bitcoin price collapsing after a powerful parabolic rally, large-cap altcoins such as Ethereum, XRP, Litecoin, and others may finally have their time to shine.

If the assets among the top ten cryptocurrencies by market cap are able to hold support at current levels, they may be ready for as much as a 20% breakout to the upside as sell pressure wanes.

Crypto Analyst: Large Cap Altcoin Index Shows Potential 20% Breakout

2019 has not been a rewarding year for altcoin investors. The crypto assets showed some early signs of life at the start of the year alongside Bitcoin, however, once Bitcoin went parabolic, it sucked the capital from the altcoin market even further, causing values to drop not only in their USD rates but even worse so relative to their BTC ratios.

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But Bitcoin has recently crashed, and its caused crypto traders and investors look elsewhere for profits, potentially starting with “large-cap” altcoins such as Ethereum, XRP, Litecoin, and others amongst the top ten cryptocurrencies by market cap.

Related Reading | XRP Breaks Below Bear Market Bottom, Will The Rest of Crypto Follow? 

Just ahead of Bitcoin’s collapse, these altcoins began to rebound from recent lows, but uncertainty surrounding Bitcoin caused the initial rally to also retrace. However, the asset’s retracement stopped at support, suggesting that the downtrend may finally be over for certain altcoins.

If the support continues to hold, according to one crypto analyst, it could result in a 20% breakout to the upside should a custom index of large-cap altcoins push through resistance.

BIG CAPS INDEX | They keep pushing against local horizontal resistance while holding on uptrend support.

A breakout would push a potential +20% on them.

Coins indexed: $ETH, $XRP, $LTC, $BNB, $EOS, $TRX, $XLM and $LINK. pic.twitter.com/iTqg8cNHi9

— Crypto Rand (@crypto_rand) October 2, 2019

Now that crypto investors are cashing out Bitcoin profits and seeking elsewhere to invest their funds, altcoins may be looking especially attractive after having set new lows recently and after the extended downtrend they’ve been on relative to BTC.

Not only could these large-cap altcoins like Ethereum, XRP, and Litecoin regain much-lost ground against Bitcoin, they could also see strong gains in their USD value as well.

The altcoin market is illiquid, and takes very little capital to have a dramatic impact, hence the occurrence of what the crypto community refers to as alt seasons. With two years of bear market and sell pressure potentially completely exhausting the market of sellers, it may finally be time for these beaten and battered assets to return to a bull market.

Related Reading | Crypto Analyst: Altcoin Apocalypse Caused Bitcoin Bear Market 

Alternatively, the renewed bearish sentiment around Bitcoin could not only prevent altcoins from regaining the value they lost during the downtrend, but it could drag alts down further into oblivion. With many of them still down 99% from their all-time highs, it’s difficult to imagine they have further to fall, but in the crypto market, anything is possible.

Featured image from Shutterstock
Tags: altcoinsbitcoincryptoethereumLitecoinRipplexrp
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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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