• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
Sad man featured image for altcoin bitcoin piece

It’s “Max Pain” Ahead for Altcoins as Bitcoin’s Halving Nears: Here’s Why

Nick Chong by Nick Chong
3 years ago
in Altcoin Price
0

After Bitcoin posted a blow-off top at the end of 2017, altcoins surged across the board, gaining hundreds of percent over the course of months in an event since known as “altseason.” Since that time, when many traders made their fortunes, investors have been waiting for “the next altseason.”

While some have argued that it is near, top investors are expecting altcoins to dramatically underperform Bitcoin. One analyst, in fact, gave the scenario that it’s “max pain” ahead for this segment of the cryptocurrency market.

Altcoins Are Poised to Underperform: Top Analyst

Sharing the chart seen below, the lead technical analyst at crypto research firm Blockfyre remarked that as Bitcoin slows down, “altcoins are really going to struggle,” adding that it’s an absolutely “brutal’ outlook for this segment of the market. He added that there is “max pain ahead” in his opinion.

This latest chart and assertion comes shortly after the trader wrote that it’s “Hard to imagine that no matter what BTC does that alts don’t see a lot of pain.”

Bitcoin dominance chart
Chart from @pentosh1, the lead technical analyst at crypto research firm Blockfyre. The chart depicts Bitcoin dominance’s harrowing outlook.

This trend makes sense fundamentally speaking.

Due to the promises many projects made in 2018 but failed to make good on, investors are largely disillusioned with altcoins.

As the abovementioned analyst wrote:

“The reason the alt pumps are unconvincing is because they have followed the same patterns. IEO’s, Interoperability, privacy coins moving together. It’s coordinated as it has been the last 3 years instead of all ships rising together.”

Now add to this the fact that altcoin projects are actually biting the dust, even as Bitcoin rallied 150% in the past seven weeks.

As reported by Bitcoinist previously, the Loom Network project, whose native cryptocurrency LOOM once had a  more than $400 million market capitalization in early-2018, just bit the dust. Ethereum developer Bruno Skvorc published the tweet below outlining this.

Rip $loom

– telegram shut down
– reddit dead
– blogs silent
– core team gone

I'd call it an exit scam if there was anything left to exit with.

— Bruno Skvorc (@bitfalls) May 8, 2020

From Bitcoinist’s cursory glance of Loom Network’s social media channels, this is seemingly the case. The Twitter account of the startup has not posted a tweet in approximately 20 days while the Telegram channel is rife with messages indicating that “this channel is closed.”

All Eyes Are on Bitcoin

Even aside from this potentially harrowing outlook for altcoins, it’s clear that crypto is an all-Bitcoin game at the moment.

As a prominent trader noted, the past week has seen a “marked decoupling between Bitcoin and altcoins.” This relative outperformance, he explained, is a sign that fiat “pours into it and participants cycle out” of altcoins for BTC.

Bitcoin decoupling from altcoins
Chart from @LightCrypto

Further corroborating this is the fact that Bitcoin is the cryptocurrency getting all the press at the moment as the halving nears.

Paul Tudor Jones’ note on Bitcoin is a prime example of this trend. While he acknowledged the potential for the widespread digitization of currency in the coming years, he made it clear that he is interested in BTC as a hedge as monetary inflation, not other cryptocurrencies.

Photo by Road Trip with Raj on Unsplash
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

WOO Network Posts 50% Rally In Last 7 Days – Will WOO Keep Rising Next Week

WOO Network Posts 50% Rally In Last 7 Days – Will WOO Keep Rising Next Week?

5 months ago
Dogecoin and Elon, SpaceX launch

Dogecoin Crashes Back To Earth While Elon Musk Plays With Rockets

2 years ago
The Flippening in nature

Could Dreams Of Ethereum Flippening Bitcoin Be “Officially Cancelled”?

2 years ago
Ethereum, undraw

Sentiment Flippening: Why This Bitcoin Expert Doesn’t Own Ethereum

2 years ago
Dogecoin Plummets 30% From Highs Following Elon Musk’s SNL Appearance 

Dogecoin Plummets 30% From Highs Following Elon Musk’s SNL Appearance 

2 years ago
Ethereum bull run

Ethereum And The Undeniable Signs Of A Bull Market

2 years ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • Analysts Predict Polkadot (DOT) to Stabilize, While QUBE is...

    38 mins ago
  • Seize the Opportunity:Domini.art Could Offer 50X Returns...

    2 hours ago
  • 3 Tokens Under $1 to Buy Now – September 2023 Rising...

    4 hours ago
  • Was Solana’s FTX Fear A ‘Buy The Fear’...

    4 hours ago
  • 3 Undervalued Gems in September 2023: $DOMI, $ARB, $LINK

    7 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.