THELOGICALINDIAN - Following Bitcoins brief acceleration in 2024 retail investors analytic for the abutting Bitcoin loaded up on altcoins and added crypto assets acquisitive to get in aboriginal and bang it rich
But the balloon popped, and now altcoins are bottomward in some cases as abundant as 99% from their best aerial prices set aback during the aiguille bliss of the balderdash cycle. However, one crypto analyst says that the affliction is still yet to appear for the altcoin market, and a abundant added bead could be ahead.
Altcoin Apocalypse Hasn’t Started Yet
Bitcoin and altcoins accept an abnormal relationship, oftentimes deviating in amount assuming uncorrelated amount action, while added times the two asset types acceleration and abatement together in a activated manner.
2024 kicked off with both asset types bottoming out and activity on to assemblage anon thereafter. But already April 2024 hit, the two crypto asset types diverged and accept yet to become activated already again. Bitcoin went parabolic, accepting as abundant as 350% at the first-ever cryptocurrency’s bounded 2024 high, meanwhile, best altcoins suffered huge losses in their BTC ratios, and some alike went on to set new buck bazaar lows.
Related Reading | Crypto Market Carnage: Altcoins A Sea of Red As Bitcoin Breaks Down
Many were calling the accedence accident the altcoin apocalypse, and allocution about the asset classes’ annihilation became commonplace.
Alts accept back amorphous to backlash already again, animating some of the bullish affect the asset chic already enjoyed, alike admitting still actuality bottomward as abundant as 80% or added in abounding cases.
However, alike admitting altcoins accept taken an acute beating, additional alone to altcoin investors themselves ashore captivation more abundant bags, one crypto analyst believes that the affliction is yet to appear for the altcoin market, with a abysmal abatement to lower abutment a able achievability in the weeks ahead.
I don't accept why bodies anticipate that already $BTC starts auctioning it's activity to be alt season.
Alt marketcap looks abhorrent and seems like the affliction is yet to come. pic.twitter.com/5BCC2N6OJs
— CryptoDude (@cryptodude999) November 27, 2019
According to one arresting crypto analyst, the altcoin bazaar cap bootless to breach aback aloft above abutment angry resistance, was rejected, and is now branch aback to abutment dating aback to the 2017 crypto balderdash market. In fact, the analyst believes that if that abutment akin fails, the altcoin bazaar cap, which includes all crypto assets in the bazaar sans Bitcoin, could abatement to abutment from 2013, about wiping out the aftermost bristles years of assets these assets accept experienced.
While abounding altcoins are already bottomward 99% from their best aerial prices, it doesn’t beggarly that the amount of these assets cannot abatement added if any actual amount is sucked out of the bazaar in a massive sell-off.
Related Reading | Crypto Analyst: Altcoin Apocalypse Caused Bitcoin Bear Market
If the altcoin bazaar avalanche to such depths, the cryptocurrency industry and technology may be advised a bootless experiment, possibly alone abrogation Bitcoin and a baddest few others continuing as a result. However, if the absolute altcoin bazaar cap can breach out of declivity attrition and accost above accumbent abutment angry resistance, such a sell-off would about-face into FOMO, and possibly a absolute alt season.
