Altcoins suffered a massive drop against BTC due to the sudden and unforeseen rise in Bitcoin’s price. Most of the altcoins have broken strong support that has been holding for more than five months. Google trends suggest that “alt season” keyword search has been rising up in the last few days, suggesting an increase in interest for altcoins.
Altcoins, including, XRP, Ethereum (ETH), Cardano (ADA), MATIC, etc are all down by a massive amount against BTC, this was mainly due to the pump in Bitcoin’s prices. Binance exchange, one of the biggest exchange, tweeted humorously to “summon” the alt season.
Summoning circle, let’s see if this works
? #AltSzn ?
— Binance (@binance) June 27, 2019
The last time altcoins pumped was back in 2017 when the price of Bitcoin hit an all-time high; XRP pumped by a massive 36,108%, which was the biggest gainer, the second biggest gainer was NEM, as it pumped by 29,842%, Ardor came in at third, surging by 16,809%.
The above percentages signify the gargantuan rise that altcoins can witness if the alt season starts. However, there are people who do not believe that this so-called “alt season” will arrive and that most of the altcoins will go “bankrupt”. Peter Brandt, is one from this camp.
Brandt compared the alt season of 2017 to the DotCom bubble and how only a few important companies survived while the rest were washed away. This will be the same for altcoins said, Brandt in a tweet.
“Many altcoins benefited from the last bull run in $BTC
Cryptomaniancs expect alts to do so again – they may be very disappointed
2000 .com bubble is analog
Following 2001-02 tech collapse, dotcoms with real value exploded
The “alt” .coms went bankrupt”
A Twitter user @RaffiL123, suggested that the BTC inflow Vs. the outflow of exchanges hinted that alt season was near.
See more at https://t.co/6AFFM1D63p
— TokenAnalyst (@thetokenanalyst) June 30, 2019
Bitcoin has exhausted the momentum of its bull rally and has started moving sideways, so while Bitcoin takes a breather, altcoins might be gearing for a decent-sized rally in the imminent future.
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