It’s no longer news that the cryptocurrency community is expecting an altcoin season where the prices of crypto assets other than Bitcoin will spike significantly. Paddy Stash, a cryptocurrency analyst has done some homework on it. On July 13, 2019, he analyzed a chart which shows that for six straight years, altcoins spiked significantly after dumping in price and thus, there will be a repeat of the same performance in 2019.
Altcoins Trading Pattern Maintained Six Years in a Row
In a video that has since gone viral, Paddy Stash revealed that since 2014, there has been a sharp rise in the price of altcoins once a bottom line or level was hit. The spike was later followed by a dump as soon as the top line was reached. Similarly, the same performance was repeated the following year at the same levels and this pattern has been maintained for six consecutive years.
Paddy Stash’s video also shows that like the current year, Bitcoin’s dominance did not correspond with that of altcoins from the previous years. This is because a surge in Bitcoin’s dominance always followed a decline in the dominance of altcoins. At a point where these two seem to converge on the chart, the altcoin season begins.
Altcoins’ Past Performances Could Repeat Itself This 2019
That being the case, the analyst has come to the conclusion that chances of a bounce occurring, leading to a price surge are high. According to Paddy Stash, the altcoin chart shows that these assets have reached the bottom level of the line that usually triggers a sharp rise in price. Stash also based his forecast on the fact that a trader is more confident in trading again if they make five to ten successful trades in a row.
Given that the video has since gotten over 115,000 views since its publication, there were a lot of sentiments from Crypto Twitter. As would’ve been expected, many were quick to agree with the analyst while a number of people were unfazed by the prediction. A user opined that altcoins need to start surging in price soon or else, the season would be ultimately delayed.
News Emerging About Top Altcoins by Market Cap
On the other hand, top altcoins by market cap, have made headlines of recent. For instance, Vitalik Buterin, Ethereum’s cofounder in a blog post on July 13, 2019, suggested that the Bitcoin Cash blockchain could be temporarily adopted for the Ethereum network. The aim is to combat the virtual asset’s scalability issues of late and enable it to process beyond 15 transactions per second.
There’s also Litecoin, the fourth largest asset by market cap whose halving is expected in August this year. Expectations are high that it could positively impact the price of the crypto asset. In the same vein, Litecoin Foundation on July 12, 2019, announced that Miami Dolphins, an American professional football team has made Litecoin its official cryptocurrency.