By CCN Markets: It’s straightforward to overlook simply how badly bitcoin has clobbered altcoins because the crypto market’s newest bull run started.
From Ethereum all the best way all the way down to Stratis, virtually each coin has developed an extremely bearish market construction.
There’s no denying that the charts look horrible. This is maybe the principle cause why many on Crypto Twitter are already delivering an altcoin eulogy.
Just checked some weekly altcoin charts.
My conclusion: Alts are lifeless.
— George (@George1Crypto) August 20, 2019
There’s a lot concern, uncertainty, and doubt some crypto traders have already accepted their grim destiny.
For occasion, a pseudonymous Twitter account named Mrs. Henry not too long ago capitulated. The particular person behind the account claims to have misplaced $242,000 in two years of buying and selling altcoins.
Invested 12/2017: $280,000
Sold 8/2019: $38,000
Total Loss: $242,000
Thank you for being so type to me during the last 2 years. Without a few of you, I’ll not have survived my darkest moments.$ICX $ADA $ZIL $XLM $OMG $THETA $ZRX $AST $NCT $CHSB $BTC $TFUEL pic.twitter.com/KX6bJRyDHA
— Mrs. Henry 🦄 (@Mrs_T_Henry) August 10, 2019
There’s little or no doubt that despair is within the air.
However, one dealer who tweets below the pseudonym Paddy Stash is defying the refrain of altcoin bears, and if he is proper, bitcoin may quickly endure a reckoning.
The Uptrend of the Altcoin Dominance Index Remains Intact
The Altcoin Dominance Index measures the share of the market capitalization of all altcoins in comparison with the general market cap of all cryptos.
In January 2018, the index posted an all-time excessive of 67.55 p.c, leaving bitcoin with lower than a one-third share of the crypto market. Since then, it has been in a downward spiral.
Nevertheless, Paddy Stash stays upbeat. Here’s what he wrote in a tweet:
For all of those who really feel hope is misplaced for #altseason.. Its not.. Its in no way.. Remember, EVERYTHING in life is cyclical. THis chart has adopted the identical (cycle) pattern for six years.. Lets preserve it going one other three years!!! THis chart signifies, a bounce is on the horizon! 🚀🚀 pic.twitter.com/UIqgSorH2y
— Paddy stash (@paddystash) August 20, 2019
Confident in regards to the cycles of the altcoin market, the dealer believes that a robust bounce could be due in three weeks.
The excellent news is that the analyst’s prediction comes at a time when Bitcoin Dominance – which is at the moment close to a 30-month excessive – seems to be weak.
Bitcoin Dominance Looks Ready to Plunge
The Bitcoin Dominance Index appeared unstoppable for a couple of months.
However, the index seems to have misplaced steam after printing bearish indicators. It broke down from a bearish rising wedge. On prime of that, the each day RSI is portray a giant bearish divergence.
The fall of the index is a constructive growth for altcoins. It can imply that capital is flowing out of bitcoin and shifting into different cryptos.
If that’s the case, we would see altcoins rally within the coming weeks, as Paddy Stash predicted.