The crypto market has suffered great loss as Bitcoin crashes with altcoins can cause a delay in the alt season. Bitcoin (BTC) pulls back from recent highs.
This has also caused great fear, uncertainty, and doubts (FUDs) to shroud the markets. Similarly, altcoins that were previously stumbling have now fallen face-first to create newer lows. The worst thing is that both analysts and cryptocurrency investors believe that things are going to become a lot worse before they finally improve.
One good thing to come out of the recent fall is the fact that Bitcoin and altcoin have started correlating once again. This may allow altcoins in finding a bottom. Then they can establish support on it and bounce back to provide investors with the “alt season” they have been waiting for.
$eth just broke down from a month long bear flag and no body is talking about it.
most people i speak with are expecting some kind of mega bounce to occur at any time. 🤷♀️ pic.twitter.com/hhV3JHD64Z
— 🍄🌲BenjaminBlunts🌲🍄 (@SmartContracter) August 15, 2019
The divergence started in April when Bitcoin’s price skyrocketed with more than thousand dollars gained in one day. However, unlike before this time, the altcoin including Ethereum did not follow Bitcoin but rather diverged as their prices dived even below.
This could possibly be the result of traders selling their altcoins for Bitcoin in order to gain from its next bull run as the crypto winter was declared over. Bitcoin’s last bull run saw a rise of ten thousand dollars ($10,000) within a month, so if traders were to miss on something like this it would be an understatement to call that a regret.
But now as Bitcoin crashes with altcoins and the BTC price falls again altcoins have started showing correlation as their prices are declining as well. However, even with bears ruling the market the altcoin ratio is falling still and this has caused chaos in the markets. Regardless this could be the set up for the alt-season that has been around the corner since January but never really appeared.
Now uncertainty is ruling the markets as an alt-season could possibly boost traders’ finance while a downward move could create a disaster.