Over the past month, altcoins have finally started to break higher, reversing the Bitcoin-centric trend seen in the crypto market throughout all of 2019. In fact, the BTC dominance metric has dropped to 66% over the past week, with digital assets like Ethereum, XRP, and Litecoin starting to outpace the market leader.
According to a prominent cryptocurrency trader, the time for altcoins to outperform Bitcoin is likely up, looking to a number of bearish chart formations.
Altcoin Crisis: Top Crypto Assets Likely to Fall
Cryptocurrency trader Mr. Chief recently noted that he doesn’t “see anything bullish about these major altcoins,” specifically looking to the charts of three altcoins against Bitcoin. These altcoins are Ethereum, Litecoin, and Stellar Lumens.
For ETH, he noted that the cryptocurrency has broken below a key resistance after last week’s rally, and is looking to fall by just under 10% against BTC.
For LTC and XLM, the trader pointed out that the cryptocurrencies are on the verge of falling below a pennant formation with a bearish skew.
Sorry guys, call me the ultimate pessimist, but i don’t see anything bullish about these major alts. Potentially an $XRP bounce but everything looks pretty bad otherwise$ETH $LTC $XRP $XLM pic.twitter.com/Yf8IrnH7iZ
— Mr Chief (@HaloCrypto) January 26, 2020
While all these altcoins are showing weakness, Mr. Chief did note that there is one major crypto asset that could break higher rather than lower.
Related Reading: Crypto Tidbits: Elon Musk Talks Bitcoin, Ripple IPO Coming, Facebook’s Blockchain Loses Another Member
Could XRP Stand Out?
The only major altcoin that he signaled has the potential to head higher is XRP, noting that it is currently trading in a flag and looking relatively indecisive, meaning it could break either up or down from the chart pattern aforementioned.
Mr. Chief’s analysis was relatively inconclusive, with…