by Marco Rossi
As we have seen in the past two weeks, regimes have changed in the market, opening brand-new opportunities and spots of interests for the crypto enthusiasts.
First off, let’s give a look at some charts:
It doesn’t look like BTC is having a good time, lately. Although it rose in the last 5 days, the monthly chart is pretty clear: after the price drop of 9/24, it doesn’t seem like it will recover anytime soon.
BTC, in overall, is down something like 20% or more compared to its performance just a month ago. And as we all know, this could lead to strong repercussions on the general crypto market.
However, this time it didn’t happen. Almost. Let’s just say that although its strong influence, the altcoins haven’t suffered a major blow. And their spread against BTC, of course, has improved. Except for LTC. Let’s see how.
The monthly chart for ETH shows the decrease and the blow of 9/24:
But its spread against the BTC has improved exponentially showing that it is possible to have an exit strategy for investors who are looking to other profitable portfolios in these times when BTC is a tough animal to predict:
Plus, it also means that another commodity could represent an actual competitor to a previously monopolized market! Which is also true for another major coin, XRP:
Which, by the way, showed signs of almost total recovery from the 9/24 blow as well:
However, what caught CoinGenius attention is also a less optimistic development: the fall (or, hopefully, the pause) of LTC.
LTC’s performance hasn’t been much in these last 30 days, with no signs of recovery after the blow:
Moreover, if it goes under the threshold of $51 it might be really hard to predict its future, since a potential recover could never happen.
It is almost like this last blow BTC inflicted on the market kicked out LTC from the top coins, with BCH climbing up the ladder to the top.
However, although LTC might not be as interesting to look at as it used to be, its spread against BTC did not perform poorly. For the holders of LTC there might be a light at the end of the tunnel. Bear in mind, though, that in the last 5 days it did show signs of devaluation.
It is true that in these last 30 days the market has gone quite mad and predicting its future is an even harder job than it was before. But we may be witnessing the end of BTC dominance and the creation of a real market.
After all, this should’ve been the period of the altcoin season. Just wondering: is it really starting, then?