The crypto market may be finally seeing some sunny days after a long winter, but things are yet to get fully smooth for most of the altcoins. For one, Bitcoin, being the top crypto, has seen some considerable gains since the upsurge started a few months back. The top coin has gone on to reclaim a little more than half of its ATH value of December 2017.
However, that’s not exactly the case for most of the other cryptocurrencies (altcoins). According to a special report released by Long Hash, about 114 out a total of 160 (67%) cryptocurrencies listed on OnChainFX are yet to reclaim 90% of their ATH market value.
Alts Weakening Against Bitcoin
As is already apparent, Bitcoin has been shooting up in price since the crypto winter ended, although the top coin dragged the rest of the market up with it, Altcoins haven’t quite caught up with the flow. In effect, Bitcoin has been gaining value over Altcoins.
As a matter of fact, Bitcoin’s market dominance has been increasing. From a critical point of view, the increasing Bitcoin dominance in the crypto market suggests that traders and investors have been shifting from other cryptos in favor of Bitcoin, thereby bringing in more money and contributing to the increase in its trading volume.
When Alt Szn?
However, the current market conditions that seem to corner altcoins are by no means outright indicators for Altcoins’ demise. For long, traders have kept faith in that the Altcoin season will finally take off soon, but they’ll have to endure Bitcoin’s biting and thrashings before they can pull out of the rut and make a dash for the top prices. In fact, numerous crypto analysts have confirmed that indeed, 2019 looks pretty ripe for a serious Altcoin season.