CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$46,634.00
  • ethereum
    ETH$1,469.35
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » Bitcoin Goes Up, Altcoins Go Down. Bitcoin Goes Down, Altcoins Still Go Down. Why?

    Bitcoin Goes Up, Altcoins Go Down. Bitcoin Goes Down, Altcoins Still Go Down. Why?

    Author: Felix Mollen

    Last Updated Dec 15, 2019 @ 21:33

    The long-awaited altcoin season doesn’t seem to be anywhere nearby, as Bitcoin’s price movements continue to dictate the entire market. Regardless of what direction the cryptocurrency takes, it appears that altcoins just can’t get out of their slump. 

    Bitcoin Goes Up, Altcoins Go Down

    It’s safe to say that 2019 has been great for Bitcoin so far. Since January 1st, the cryptocurrency’s price is up by more than 210%. Looking at shorter-term charts gives us pretty much the same picture. 

    In the past three months, Bitcoin surged from around $5,070 to its current price of $11,600, which represents an increase of more than 125%.

    However, this has had a tremendous impact on the overall market as well. Bitcoin’s dominance index, which tracks its relative share of the entire crypto market, also took off for the skies. Presently, the BTC dominance stands at 65.1%, leaving altcoins hanging out to dry.

    Indeed, altcoins have been suffering, especially when trading against BTC. Ethereum (ETH), the second-largest cryptocurrency by market cap, has lost about 35% of its value against BTC since the beginning of the year. Things are looking even worse for Ripple’s XRP, the value of which dropped by about 77% against BTC in 2019. The situation is more or less the same with other large-cap altcoins as well. 

    Smaller altcoins are also feeling the pain. WAVES, for instance, is down a whopping 85% against Bitcoin since January 1st. 

    Amid this Bitcoin-dominated market, many have hoped that a drop in the price of the largest cryptocurrency by market cap would allow altcoins to recover and potentially reclaim a higher percentage of the market. But it hasn’t turned out that way. 

    Bitcoin Goes Down, Altcoins Still Go Down

    The last week has been nothing but tumultuous for Bitcoin. After surging to around $13,100, it suffered a significant loss which brought its price back to about $11,600, a decline of more than 11%. 

    BTC/USD. Source: CoinGecko

    Yet what many thought would help revive altcoins turned out to do the exact opposite. Not only did altcoins continue to depreciate against BTC, they also saw serious declines against the dollar. 

    Looking at large-cap cryptocurrencies, we note that ETH lost around 10% of its dollar value. Ripple’s XRP lost about 18% of its value while Litecoin (LTC) lost about 16% before starting to recover. 

    In other words, it didn’t do the altcoins any good that Bitcoin dropped in value. What is worse, BTC dragged them with it and most of them actually lost more percentage-wise than BTC itself. 

    Alt Season Postponed?

    Indeed, it doesn’t seem to matter which direction Bitcoin goes in right now. The fact that it shed almost $2,000 of its value didn’t seem to cause its dominance to drop, as it remained almost unchanged. 

    As CryptoPotato reported a few days ago, analysts seem to believe that the next altcoin season won’t arrive until 2020. Whether or not this is accurate, it’s definitely nowhere to be seen at present.  

    Perhaps among the reasons why Bitcoin is currently dominating the market is that it has an actual use case. Such a sentiment was validated by the chairman of the US Federal Reserve, Jerome Powell, who recently said that “Bitcoin is a store of value… like gold.” Apart from that, altcoins are bleeding to historical proportions, which is another potential reason for their current situation.

     

    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

    Read more on: Altcoin Season Altcoins Bitcoin Bitcoin (BTC) Price Bitcoin Dominance

    About The Author

    Felix Mollen View more posts by this author

    Felix got into Bitcoin back in 2014, but his interest quickly expanded to everything blockchain-related. He's particularly excited about real-world applications of blockchain technology. Having worked as a professional content writer for three years before that, Felix transitioned to working on blockchain-centered projects and hasn't looked back ever since.

  • bitcoin
    BTC$46,634.00
  • ethereum
    ETH$1,469.35
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    pionexb
    2local
    Bitcoin Editorials
    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!