Altcoin prices have been on the downtrend since the bitcoin price started to rise. According to CoinMarketCap data, many altcoins, including Ethereum, XRP and Litecoin, have declined in the last 24 hours.
Altcoin prices have declined in the last 24 hours. Ethereum fell 1.56%, XRP 2.16%, Bitcoin Cash 1.46%, Chainlink 3.24%, Binance Coin 6.1%, Litecoin 2.35%, Polkadot 4.83% and Bitcoin SV 3.85%. Among the top 10 cryptocurrencies listed, only Bitcoin and Tether are seen to rise.
What are analysts saying about altcoins?
- Analyst Crypto Michael made a comment on altcoins on Twitter. The analyst pointed to the red zone on the Bitcoin Dominance (BTC.D) chart he shared, saying that it should be expected until December. He made the comment “altseason” for the first quarter after December.
- Another comment came from Lark Davis. Davis said that after a price surge in Bitcoin, the rest of the crypto market will boom hard.
- CryptosBatman also made an altcoin review on Ethereum. The analyst suggested that if ETH rallies, it will drag most of the altcoin market with it.
- Crypto analyst named CryptoAmsterdam told investors that there will be another drop following the drop in altcoins, but they should be patient and it will soon be the season to buy altcoins again. The analyst made this comment by analyzing the Bitcoin Dominance chart.
- Byzantine General also commented on altcoins. The analyst shared that he saw an unprecedented altcoin capitulation (capitulation: strong sell-off period in which investors gave up positions and sold their assets as quickly as possible). The analyst’s comment was answered by popular crypto expert The Crypto Dog. The Crypto Dog, “Really? It looks like the standard altcoin capitulations seen in 2017. ” said.