Retracing 2014: Altcoins Might Be Headed For A Mega Bounce
The boom of 2017 was great, but what followed was a steady decline of crypto values that started at the dawn of 2018. Since then, crypto prices have been doing a pendulum swing between bulls and bears for the better part of the past few months of 2018. However, over the past few weeks preceding September, the market was relatively stable, with many cryptos especially Bitcoin and Ethereum experiencing rather impressive value balances. This September, things really went south when the market experienced a sudden bearish rush that came on force on September 5th.
At the moment, and compared to the highs of 2017, altcoins have lost about 85% of their market value within the last 252 days, and that’s where the good news might start trickling in. It’s remembered that back in 2014, a period ensued when altcoins shed off over 86% of their value within 266 days, but that’s right before the bulls broke out and charged the price up to a new high. Currently, the 20 biggest cryptocurrencies have been on the losing end, but that could change very fast – just as it did in 2014.
According to GalaxyBTC, a crypto accumulation machine, the next two weeks could present a trigger that could very well retrace the miracle of 2014. In fact, GalaxyBTC bets that the altcoin market won’t be collapsing any time soon.
In a well-poised tweet that got thousands of shares and retweets, GalaxyBTC drew a parallel between what happened in 2014 and what’s happening in September 2018. In 2014, there were only a handful of cryptocurrencies in the market, a far cry to the over 1934 altcoins currently being traded in the crypto markets in 2018. As such, the huge number of cryptocurrencies in the market means that they’re still capable of maintaining a sizeable market cap. Such a good market cap keeps the crypto world alive.
A Bounce Looks Imminent
However, it’s still a fact that the crypto market is a rather volatile trading space that many think of as not having established any credible moving patterns. But that believe may be in direct contradiction to what has been happening to the crypto market every January for the last 4 years. During this month, the market has always seen a price dip, followed by a recovery period that culminates into an impressive high by the end of the year.
Could that be what’s happening this year too? Going on that, it’s pretty certain that the next two weeks will be a critical and possibly decisive period for altcoins, and in all likelihood, the bulls look set to charge.