The Future Coin

Bitcoin

$10,476.59

BTC 0.09%

Ethereum

$339.70

ETH -1.29%

XRP

$0.23

XRP -0.81%

Litecoin

$44.23

LTC 1.28%

EOS

$2.55

EOS 0.47%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Altcoin News

Bitcoin Crash May Be Profit-Taking To Prepare For Incredible Altcoin Season

by The Future Coin
June 2, 2020
in Altcoin News
0
Bitcoin Crash May Be Profit-Taking To Prepare For Incredible Altcoin Season
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

As difficult it may be to believe, you’ve read that headline accurately – altcoins may finally be ready to break out against Bitcoin and bring the battered and beaten asset class more in line with the recovery the number one cryptocurrency has had.

The first shot fired came today with the latest Bitcoin price flash crash, which appears to have been whales taking profit into altcoins ahead of an upcoming altcoin season.

Bitcoin Flash Crash Potentially Sees Captial Flow Into Alts

This afternoon, Bitcoin price plummeted over $600 in less than five minutes in a dramatic flash crash.

Crypto traders and investors scrambled to dump the asset without taking a larger loss in the selloff, further causing a cascade effect. The move also liquidated over $220 million worth of long positions on the notorious crypto margin trading platform BitMEX.

What wasn’t as obvious, however, is the fact that much of the capital leaving BTC may have made its way into altcoins like Ethereum, Ripple, Chainlink, and others.

Related Reading | Crypto Exchange Coinbase Fails To Stay Operating During Explosive Market Volatility 

Last night’s pump into Bitcoin saw a crash in altcoins that almost immediately recovered. As buyers further drove up the price of the first-ever cryptocurrency, a large player kicked off today’s selloff and potentially started a trend reversal.

Coinciding with the selloff in Bitcoin, on the total altcoin market paired against BTC, altcoins pumped while Bitcoin dumped at the exact same moment the leading cryptocurrency asset crashed on the USD trading pair.

bitcoin altcoin season crypto

The number one crypto trading sideways is the prime environment for altcoins to thrive in, and a full-blown altcoin season is long overdue. It’s been well over a year since altcoins truly saw the upside, not counting the early 2020 rally that almost immediately got wiped out in the Black Thursday market collapse.

Falling Wedge Breakout And Historical Recurrence Suggest Altcoin Season Is Finally Here

An altcoin season may soon be upon us, according to chart and date patterns.

Markets are cyclical and history often repeats. There are also strange correlations around dates that don’t always make sense.

For example, the BTC block reward halving which is said to be incredibly bullish for Bitcoin in terms of supply and demand appears to be a trigger for a powerful altcoin season.

Related Reading | Bitcoin Price Flash Crashes $600 In Less Than 5 Minutes, Last Night’s Rally Erased

After the asset bottomed out in 2015, come July 2016 when it reached its halving, Bitcoin crashed while altcoins began their first-ever rise into superstardom.

From that breakout moment to the very tip-top, altcoins grew over 10,000% against BTC. Meanwhile, Bitcoin also rose to $20,000, showing just how strong performance in altcoins was by comparison.

bitcoin altcoin season crypto

Although sentiment in altcoins remains in the gutter, and Bitcoin sentiment has never been stronger. The asset’s recent crash dumping into altcoins, a repeating pattern matching the last halving, and a massive falling wedge on the monthly timeframe on the altcoin/BTC chart indicate that altcoins will once again outperform the first-ever cryptocurrency for a sustained period.

Source link

EDITOR’S CHOICE

Bitcoin mining company headquartered in Rochester looking to invest $100 million

This Altcoin Won Half Million Dollars With Airdrop

AXA, Blue Cross, Etherisc, Guardtime – InsuranceNewsNet

EDB launches business grant, asks for community input on economic recovery | News

Ethereum miners are still in profit, here’s why this matters

Important Differences between Bitcoin and Litecoin

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 10,464.58
ethereum
Ethereum (ETH) $ 340.04
tether
Tether (USDT) $ 1.00
ripple
XRP (XRP) $ 0.231867
bitcoin-cash
Bitcoin Cash (BCH) $ 216.32
polkadot
Polkadot (DOT) $ 4.09
binancecoin
Binance Coin (BNB) $ 23.79
chainlink
Chainlink (LINK) $ 8.56
crypto-com-chain
Crypto.com Coin (CRO) $ 0.151629
litecoin
Litecoin (LTC) $ 44.19
bitcoin-cash-sv
Bitcoin SV (BSV) $ 152.18
cardano
Cardano (ADA) $ 0.081087
usd-coin
USD Coin (USDC) $ 0.999467
eos
EOS (EOS) $ 2.56
tron
TRON (TRX) $ 0.025038
okb
OKB (OKB) $ 6.11
monero
Monero (XMR) $ 91.91
tezos
Tezos (XTZ) $ 2.07
stellar
Stellar (XLM) $ 0.071223
neo
NEO (NEO) $ 19.52
leo-token
LEO Token (LEO) $ 1.24
cdai
cDAI (CDAI) $ 0.020834
huobi-token
Huobi Token (HT) $ 4.57
cosmos
Cosmos (ATOM) $ 4.14
nem
NEM (XEM) $ 0.106549
dai
Dai (DAI) $ 1.01
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 10,476.11
vechain
VeChain (VET) $ 0.011846
yearn-finance
yearn.finance (YFI) $ 24,462.00
iota
IOTA (MIOTA) $ 0.241588
dash
Dash (DASH) $ 67.77
ethlend
Aave (LEND) $ 0.495164
uma
UMA (UMA) $ 10.58
ethereum-classic
Ethereum Classic (ETC) $ 4.92
theta-token
Theta Network (THETA) $ 0.557357
zcash
Zcash (ZEC) $ 52.86
uniswap
Uniswap (UNI) $ 4.00
havven
Synthetix Network Token (SNX) $ 4.15
compound-governance-token
Compound (COMP) $ 143.88
omisego
OMG Network (OMG) $ 3.03
binance-usd
Binance USD (BUSD) $ 0.999823
maker
Maker (MKR) $ 453.04
ontology
Ontology (ONT) $ 0.639472
digibyte
DigiByte (DGB) $ 0.028953
true-usd
TrueUSD (TUSD) $ 1.00
basic-attention-token
Basic Attention Token (BAT) $ 0.228155
ftx-token
FTX Token (FTT) $ 3.59
dogecoin
Dogecoin (DOGE) $ 0.002618
paxos-standard
Paxos Standard (PAX) $ 0.999718
compound-ether
cETH (CETH) $ 6.82