The coming altcoin news show that a new altcoin rally may be on its way, mostly because of the recent price breakout which put all eyes on Bitcoin. However, analysts believe that this could be a springboard for altcoins to follow.
With the new rally which pushed the market to a total cap of $251 billion (and growing), we can see that things are stabilizing. While Bitcoin managed to add 10% to its price overnight, there was a new altcoin rally which made some coins shine even brighter than Bitcoin. One example is Bitcoin Cash (BCH), which ballooned by 16% to a new weekly high.
One trading analyst was featured in the altcoin news frenzy on Twitter. Nik Patel, who is the author of the book “An Altcoin Trader’s Handbook” explained that while Bitcoin went on to set new yearly highs, altcoins continued to set new yearly lows in their BTC ratios. Therefore, the total altcoin market cap increases which shows that a new altcoin rally might come soon.
Couple of fun facts:
– Of the previous 4 ALTBTC bear cycles, the average drawdown has been 69.7%. The current drawdown of this ALTBTC bear cycle is 66.5%.
– The average growth experienced across the past 5 ALTBTC bull cycles was 617%.
— Nik Patel (@cointradernik) May 14, 2019
On top of this, Patel meant that the selling pressure is almost exhausted and that a new bull cycle could begin. If the bull market is realized based on previous history, a new altcoin rally could come soon and top more than 600% in surges this year.
Another positive factor is the support that Patel got from his fellow Twitter crypto friends. DOnAlt, who is a prominent analyst, shares a similar outlook and expects altcoins to play catch up once Bitcoin’s surge cools off. He was featured on many best cryptocurrency news sites for this statement.
To all the people trying to snipe the Bitcoin top by shorting it:
Have you thought about longing altcoins instead? They've been / are capitulating and will very likely explode the moment BTC tops out.
There is more money in that than shorting BTC in my opinion.
— DonAlt (@CryptoDonAlt) May 11, 2019
The likes of Litecoin are also important in this new altcoin rally – and helped spark off positive sentiment back into the market. Even though these coins have had their time, they announced the crypto spring in a great way.
Speaking of which, Ethereum is in the latest cryptocurrency news for switching its consensus algorithm in an attempt to upgrade its capacity and potential. From this, there are a few extenuating circumstances which could guide us to a new altcoin rally just like the historical rally that is expected by many traders.
BitMEX Pulled $73M From Exchange After Probe Report
Economist Trashes Libra Calling It ‘’Facebook’s Fake Money’’
“The critical question, however, is this: Is the Libra really good — or sound — money? Unfortunately, this question cannot be answered in the affirmative. The reason is this: The quality of the Libra depends on the quality of the underlying fiat currencies — and fiat currencies do not make for good money, as should be well known by now. Fiat currencies are inflationary; they enrich some at the expense of many others. The issuance of fiat currencies causes distortions in the credit markets, which provokes speculative bubbles and triggers booms and busts, and last but not least, fiat currencies lead the economies into over-indebtedness.”The term ‘’sound money’’ is a term that evolved over the years and once it was used to refer exclusively to gold-backed currencies but now it refers to Bitcoin. When he spoke about Bitcoin, Polleit who is the chief economist at Degussa did not mention the largest cryptocurrency at all. However, he did say that Libra presents a real threat to banking. When he was asked by Caroline Maloney who is a New York Representative if too much money goes into Libra, Polleit stated:
''Traditional banks have good reasons to worry. The Libra is about to siphon transactions out of bank accounts and put them into the LA’s [Libra Association’s] hands. Not banks, but the LA will collect the fees and will receive precious data on who pays what, when, and where. The banks will be left even more in the cold should customers begin to use the Libra for savings purposes as well. Because then they would also lose the time and savings deposits with which they refinance their balance sheets at low costs. Or think of the credit business: The LA may at some point also provide its customers with short-term consumer loans.”The economist trashes Libra since it could become a major concern in the United States where people are mostly reliant and have great access to Banking as it was explained in some of the best cryptocurrency news sites.
The CFTC Is Probing BitMEX Over Providing Suspicious Services
‘’Just got my @BitMEXdotcom account terminated on suspicion of being a US Citizen. Anyone else find the timing of this odd? The 900+ affiliates that accounted for half my income r gone going forward. After #Unconfiscatable Conf expect prices on all services offered by me to rise.’’As noted in the latest cryptocurrency news became the largest crypto exchange under investigation in the United States based on the suspicion of doing business in America. Exchange such as Poloniex and Bittrex are massively adopting the know-your-customer protocols in order to avoid sharing the same destiny as Bitmex as noted in the reports previously.
Crypto Analyst John Kolovos: Bitcoin Price Will Drop To $8,500
‘’Classic technical analysis tells you that this pattern, implication of which, gets you back to the old highs, which would be around $20,000. So the long-term trend tells me to buy the pullbacks so that’s the reason why I think we should be buying around $8,500.’’
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