Ethereum and Altcoins to Turn Bullish as Bitcoin Price Wavers?
Bitcoin’s price dropped and consolidated, but the altseason failed to come back. Will altcoins finally rally as BTC is on the verge of dropping to new lows?
The most recent Bitcoin price drop caused many altcoins to drop heavily, but can one say that they are doing poorly or is it only their USD pairs which are affected? Since a temporary bottom was found at the start of September, altcoins have steadily gained value in their BTC pairings. Take the following, for example: ETH/BTC is up +32%, XRP/BTC +27% and XLM/BTC has gained +29% during this time.
Crypto market data. Source: Coin360
Let’s take a closer look at altcoins to investigate what is happening.
Altcoins total market capitalization chart. Source: TradingView
The altcoins market cap has been in a prolonged downturn since the beginning of July when the market reached a $126 billion cap. This same level served as a support in 2018. A harsh rejection was followed by a bearish downtrend which knocked the market cap all the way back towards the support near $60&n