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Altcoin Market’s future Depends on Bitcoin’s Big Move

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September 19, 2019 | 

1204 Views | 

Darryn Pollock | 

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As things stand across the cryptocurrency markets, there is not too much action happening for those who are following and interested in Bitcoin, and probably even less for those who follow the altcoin markets. Altcoins have been under increasing pressure and scrutiny in the last few months with Bitcoin pushing to new heights in terms of market dominance. 

Bitcoin recently crossed the 70 percent mark in terms of dominance over the market, a level not seen since April of 2017, months before Bitocin flew to an all time high of $20,000. It was at that time that there was a buzz building around cryptocurrencies, and Bitcoin led the way. However, there was an altcoin boom that followed. 

Now, things are markaby different compared to April of 2017. Bitcoin is far less voltalite, and has been hovering just above the $10,000 mark with little movement either way. At the same time, markets have been mostly tough on altcoins. This is not good news for altcoins as it seems that again they will need Bitcoin to make a move to see any progression - or even regression.

One expert crypto trader, Joe Saz, has argued that crypto market conditions right now do not point to a rebirth of altcoins, and that they would need as much as $100 billion injection to get them going again; this of course would also have to coincide with a lessing if the dominance of Bitcoin.

It seems unlikely that this will happen anytime soon, and that really Bitcoin will be the determining factor as to where more money goes. As things stand, there is very little reason for investors to put their money into altcoins over Bitcoin, and with the Bitcoin market so steady, there shouldn’t be a reason to move money away from it either. 

Crawling back?

The reason speculation is growing about a potential rebirth for altcoins is that Bitcoin has seen small losses in its dominance over the altcoins. Currently, the market dominance sits at around 67.3 percent against altcoins. However, this is still quite a small loss for the major cryptocurrency.

For Saz, however, even the latest progress is far from sufficient to confirm another “alt season.”

“On paper, it would take an increase of total crypto market cap: another $200 billion… maybe another $100 billion to enter the space and not all of it to go to Bitcoin,” he said. “I don’t really see altcoin season kicking off; there isn’t going to be a bullish pattern on one chart that kicks it off,” he continued. “It’s going to need to be a lot of money exiting Bitcoin or fresh money entering the market.”

Bitcoin on the rise

It needs to also be remembered that Bitcoin’s network is incredibly healthy, and it is also has an upcoming mining difficulty halvening which means there is a lot of interest in and around the coin at the moment. The price may be fairly steady at the moment, but there is every chance that another breakout could come before the May 2020 deadline for the mining halvening. 

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