Bitcoin outperformed 85% of the top 50 digital coins and tokens based on market capitalization. Altcoins also split ways, with a handful of top assets surviving, with smaller coins and tokens virtually disappearing.
Bitcoin Bets Also Faced Volatility in 2019
BTC at one point had grown more than 400% between the market bottom and the June-July top. Even at $7,200, where the recent slide ended, the coin brought significant gains to recent buyers.
ALT/BTC pairs since bitcoin peaked on June 26th (top 10). pic.twitter.com/kVSVVI8VZS
— Ceteris Paribus (@ceterispar1bus) November 23, 2019
The start of 2019 was a low basis for both bitcoin and altcoins. Since then, performances have varied, with some altcoins rallying against the market. Altcoins have also been much less volatile this year.
For the altcoin market, 10-fold gains are now a rarity, even with coins, and tokens with a market capitalization above $1 billion. Altcoins were also a bit less volatile than BTC, as traders lost interest. For that reason, leading coins limited their slide from June to November to 20-30%, while BTC shed 50% of its price.
Altcoin trading, however, continued in 2019, though with a much more conservative outlook. The selection of coins shrank, and speculation centered around a handful of assets. Traders, however, still attempt to compensate for some of the BTC loss through taking altcoin positions.
Current thoughts on BTC:
1. My 8k spots will be used for margin/altcoin trades, since I have no interest in selling at a loss for EUR, was sloppy and will stay underwater a while
2. No low tf now, only daily, IF we close below 7270, that is the lowest daily close since June pic.twitter.com/ilNtg6t4ld
— Walter Wyckoff [HUOBI maximalist] (@walter_wyckoff) November 22, 2019
Traders Still Chose Altcoins, Though with Smaller Selection
Bitcoin failed to fulfill the predictions for dominance as high as 90% toward the end of the year. After peaking at about 70.1%, the BTC market cap dominance is now down…