- September 27, 2019
- Posted by: icoblock
- Category: Uncategorized
The cryptocurrency market is known for its volatility. The latest price movements have proven once again that things can go from north to south in a matter of hours. Thoughts of a possible new altcoin season have been circling around for a quite some time. However, all prices plunged significantly a few days ago and recovery seems optimistic at best.
Bitcoin has lost over $2,000 over the last few days, marking a decrease of 21%. The crash didn’t affect only the largest cryptocurrency but the entire market. Some of the well-known altcoins experienced harder decreases. Ethereum, for example, lost 23.5% and Litecoin lost around 27%. From the top 10 cryptocurrencies, Bitcoin Cash and EOS marked losses upwards of 30%.
This may have come as a bit of a shock as just a couple of weeks ago, people were on about a possible upcoming altcoin season. A month ago, alts were seeing serious increases from 7% to 20% in some cases. This reduced Bitcoin’s dominance to less than 70%. These swings caused many to believe in an emerging altcoin season, which was, best case scenario, postponed as of late.
What Is To Follow?
Naturally, as the last few days were as turbulent as they were, the community started producing fresh predictions and prognosis. As usual, opinions are swinging from the doom of all crypto to the reversal of the trend and reaching new highs. An interesting point was brought out by a popular analyst. It shows that last time Bitcoin lost $2000 in value rapidly, the price increased substantially in the following weeks.
Bitcoin dropped $2000 in the middle of May and then rallied ~$8000 after
Bitcoin has just dropped another $2000
For all the doom and gloom on here, I think this is great for the market. We’ve dropped into an area where traders/investors want to do business pic.twitter.com/1mPnbKYRMK
— Mr. TA (@Trader_M4tt) September 25, 2019
As Cryptopotato reported earlier, a serious crash of the kind is what is needed for altcoins to boom, according to another very popular commentator. Per his opinion, Bitcoin’s price had to drop substantially, so that holders can move away from it and to turn their investments to altcoins. As difficult as this might be to imagine now, let’s not forget that just a week ago all coins were in the green, proving that the tides can change in an instant in the crypto market.