Altcoins Entering Accumulation Period, Alt-Season to Take Off in 2020
- Bitcoin/USD price chart and altcoins market cap similarities say alts are now entering accumulation phase
- Alt season is scheduled for early to mid-2020
Altcoins like Chainlink (LINK) with 1,025% gains, Binance Coin (BNB) with 463%, Litecoin (LTC) with 293%, and Tezos (XTZ) with 163% gains till date in 2019 are a few ones that enjoyed good returns this year.
Despite cryptocurrencies seeing over 100 percent gains YTD, not just the top cryptos like Ethereum, XRP, Bitcoin Cash, Tron, Cardano, Stellar, Monero, Zcash, Dash, VeChain, and NEO but also small-cap coins like Aelf, Waltonchain, Verge, Ziliqa, ICON, Augur, Nano, 0x, and Lisk among others are down 80 to 95 percent from their all-time highs (ATH).
Alt Season Scheduled for Early to Mid-2020
While altcoins are suffering, the crypto king is enjoying an increase of over 200% in its price in 2019. BTC dominance has also risen to over 62%. Alt season is nowhere in sight as they perform badly against BTC. But, a reprieve might be coming soon. Crypto trader Moon Overlord, says altcoin season will take off in 2020.
Sharing the charts of altcoin market cap from 2016-2019 and Bitcoin/USD from 2012-2015 cycle, he points out how both have eerie similarities.
After the historic rise, Bitcoin price and altcoin market cap went into a consolidation period that became key support. On the basis of this, altcoins are currently in the large correction phase which will soon hit the bottom and then we will enter the accumulation period. From here, it’s a ride to the moon.
“We're now entering the accumulation period for ALTS, it will likely last until 2020,”
Moon Overlord said.
Analyst CryptoCoyote also states that alt season is scheduled for early to mid-2020.
The analyst presents three options, the first one being more drop followed by an uptrend in 2020. The second one he says could be the previous resistance being the current support, solely based on the rapid number of coins being added. But this isn’t “really a blessing for individual alt prices.”
The third option, he points out is crashing to the bottom, in which case,
“better go trade forex or get a regular job.”