In the past five days, Bitcoin has declined 5.7%, as it went from about $9,520 on Nov. 4 to going under $9k again at $8,980.
As BTC trades in red by 1.59% at $9,114, as per Coincodex, altcoins have fallen even deeper.
XRP is leading the top cryptocurrency losses with -6.21% followed by Bitcoin SV with 5.82 losses and then Monero (3.44%) and Litecoin (3.13%).
Having said that, several altcoins farther down the list are meanwhile registering gains. Tezos is still feeling the after-effects of Coinbase announcing the staking program. After surging 117% on Coinbase, XTZ is still up 6.41%.
However, it’s Maker that is leading the market with 14.64% gains today. Other coins enjoying the greens are VET (6.10%) and Pundi X (8.52%).
Majority of Altcoins are Degens
In 2019, the Bitcoin price has surged 140% while altcoins have been struggling. As such the BTC dominance has been on a continuous uptrend from April till Sept. when it reached 88%. Last month, BTC dominance went below 70% and have been struggling around this level ever since.
So, this decline in the dominance of the world’s leading cryptocurrency and its market cap could mean good days ahead for altcoins.
Are you ready for altseason ? pic.twitter.com/EtZYP759gH
— CryptoWolf (@IamCryptoWolf) November 7, 2019
But unlike last time, it doesn’t seem likely that all the cryptocurrencies will make a jump.
As prominent analyst Willy Woo said,
“The vast majority of altcoins are Degens. Their price chart has a measurable half-life, like radioactive decay. Plotted on a log chart, it's a straight line down.”
Which Altcoins will Make it?
So, which altcoins have the chances to make it this time?
According to trader DonAlt, Doge is at cycle lows in November while Nano, he said is “Looking good for the first time in 250+ days.”
Trader Nik Patel on his “An Altcoin Trader’s Handbook” blog shared the top five cryptocurrencies that he expects to outperform Bitcoin in 2020.
His first pick is Komodo that is a “plethora of solutions to a number of problems,” and is the host of its own ecosystem of tokens. His prediction for Komodo, currently sitting at 7,320 satoshis, is 30,000 satoshis in 2020.
New Kind of Network (NKN) is another one that he projects can leap 305 satoshis to 1,500 satoshis next year. V-ID is projected to surge over 567% to 6,000 satoshis and a 230% increase in Constellation cryptocurrency.
Fantom, a Directed Acyclic Graph token is also on this list that is trading at $0.014 (148 satoshis) and Patel is predicting it to hit 600 satoshis in 2020.