In the past few days, the altcoin market has taken a beating with major cryptocurrency assets such as Ethereum (ETH) and Ripple (XRP) dropping to fresh lows. This has caused widespread panic in the industry, and many crypto investors are beginning to believe that a bottom for altcoins will be set.
Ethereum to Fall 20% Further: Analyst Thoughts
However, one cryptocurrency analyst sees Ethereum dropping even more by over 20% and that the real altcoin capitulation will begin in two weeks. Ethereum has lost significantly since the ICO boom that brought the price per ETH to around $1,400. The fall from the all-time high represents an 85% dip, with skeptics holding that the digital asset will never hit the all-time highs again even if Bitcoin was to hit $100,000.
The accelerated selling pressure and recent fear across the altcoin market have led many to believe that the altcoin market bottom is here or it is closing in. After dropping through long-term support and sinking to new lows against BTC trading pairs, major altcoins such as Ethereum and Ripple have since rebounded strongly—but how long will it last?
There are those maintaining that the cryptocurrency market is currently on the edge of an alt season where Bitcoin makes up for lost ground in altcoins. One crypto analyst, however, sees Ethereum dropping close to 22% compared to Bitcoin through the ETH/BTC trading pair.
Altcoin Holders Capitulating and Dumping Assets
The feeling currently engulfing major altcoins has a strong ripple effect on the larger cryptocurrency market. There is a possibility of the altcoins dragging Bitcoin down with them, especially in bearish scenarios where the impact is felt across the entire industry. The altcoin sentiment is extremely low, and most of the altcoin holders are believed to have capitulated and have been disposing their assets at a huge loss as they seek to regain some of the remaining value of their assets before further drops.
With the signs of a bottom coming, most holders expect a double bottom for altcoins or some kind of event that will wipe out the whole altcoin space completely.
What do you think?
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