Altcoins Bleed More Than 2014 Correction: Is The Reversal Coming?

[dragononcrypto]

As shown in the comparison below, it's worth paying attention to the accelerated bloodshed in the altcoin market at the moment that has reached 86% this year so far. Compared to the 82% correction in the altcoin market that lasted for 9 months in 2014, the charts suggest the altcoin market could now be oversold as Bitcoin corrects further.



There are numerous arguments to suggest the Bitcoin and Altcoin corrections will sink the cryptocurrency market further, due to Bitcoin's low dominance in 2018 as well as the overvalued ICO and altcoin maket, as opposed to BTC's near monopoly in 2014.



This is a legitimate argument for why altcoins will continue correcting aggressively, as Bitcoin continues a correction towards $5k to complete an 80% reduction in value (currently this is at 70%). This would be similar to the correction of 2014, in order for the Crypto Market to lose over 80% of it's 2018 value (currently the market has lost 78%)

It's however worth noting the oversold Altcoin market began a strong recovery on August 19th 2014 after 9 months of correction, whereas Bitcoin and therefore the overall Crypto Market took until January 2015, totaling 14 months, an additional 5 months.



The altcoin market notably followed with a 68% correction from the 2014 highs until May 2015, while Bitcoin traded predominantly sideaways, gaining more dominance. However, the altcoin bears notably failed to make a lower low that year.



As relevantly, the altcoin market started it's 4 month bull-run initially gaining over 250% from August 19th 2014 to December 23rd 2014, while the pack leader fell another 30% from $475 to $334 before finding support at $200 in January 2015 to complete it's 80% correction.

https://steemit.com/bitcoin/@dragononcrypto/altcoins-bleed-more-than-2014-correction-is-the-reversal-coming

[cryptothief]

Decent analysis there, although a fairly important factor that you have omitted to mention is that back in 2014 (September), there were only 456 altcoins (as listed on coinmarketcap), as opposed to almost 2000 currently. And a fair number of those coins have since disappeared, so not as rosy as it may first appear. I, as much as anyone, hope that we are nearing the end of this extended bull run, but am much more sceptical regarding any real market recovery for a while yet. These coming months will push the market in one direction or the other. Here's hoping that 2019 is the Year of the Bull, and not the Pig, as the Chinese Lunar calendar insinuates.

[jet]

I hope so, the future is coming for a good profit from our investment. I love to see my coins to gain huge amount of money in the future.  Today, the correction is not yet over, I have seen the market with red indication to lower the price even further.

[alfatih99]

yes it's true that the altcoin market is currently very sluggish and I believe that soon the prices will soon recover again to become higher.