Investors who purchased during the significant November 2018 sell-off earned four times more returns than the investors who bought , highlighted Joe McCann.
The financial expert, who serves as the head of systematic at crypto asset management firm, Passport Capital, calculated the returns made by the “silver ” from its three-month low to its three-month session high. He found that between November 14, 2018, and February 18, 2019, recovered up to 25.19 percent from its session low. On the other hand, corrected as high as 118.67 percent within the same timeframe.
“Looking at how LTC had outperformed since the epic selloff on November 14th, 2018, we can see that LTC has outperformed by better than 4:1 from the current cycle low to the current session high,” McCann stated.
Looking at how has outperformed since the epic selloff on November 14th 2018, we can see that LTC has outperformed by better than 4:1 from current cycle low to current session high.
As mentioned before, LTC has historically led rallies…
— Joe McCann (@joemccann)
Altcoins Lead bitcoin Rally
McCann also called attention to the correlation between and over the years. He claimed that historically led the rallies, hinting that the ’s latest upside moves could prompt an extended bullish momentum in the market.
As of 0900 UTC, the -to-USD exchange rate was trending near $3,944, which is its best since January 11. According to CoinMarketCap.com 24-hour price calculator, the pair has surged a little over 5 percent. On the other hand, has jumped close to 8 percent within the same time.
However, it cannot be said that gains could benefit . It could have been possible when the was among the few projects that competed with . But now, the market is overpopulated with that could allow traders to swap their LTC positions for coins other than .
Galaxy, a Twitter-based analyst with 48.4k followers, said that it was the entire market that was leading the ongoing rally. It predicted that dominance rate would breakdown in 2019 while the market will enter a so-called altseason.
1. Build up domination
2. Breakdown
3. Altseason
4. Rinse and repeat.Furthermore, looks like the weaker the dominance uptrend the longer the altseason and so far this one is the weakest.
Expecting dominance to fall under 30% and the longest altseason to date.
— Galaxy (@galaxybtc)
So far, some of the top coins have indeed outperformed in terms of a rebound. , the world’s second largest , posted a 90-day surge of 10 percent. Similarly, ’s TRX surged 81 percent, ’ BNB jumped 62.46 percent, and even SV’s BSV leaped 30 percent. At the same time, ’s 90-day performance was at a negated 13 percent.
90-Day Crypto Performance | Source: OnChainFx.com
Would bitcoin Fall Behind?
It is unlikely for to displace from its top position despite its weak dominance scenario. The world’s leading is running ahead of its clone projects in terms of institutional . Its fundamentals are the strongest for 2o19, thanks to regulators’ likelihood of approving its derivatives.
BlockTower’s Ari Paul said that couldn’t match up to the supremacy of by just adding features or with incrementally better transactional throughput.
A.T. Kearney, a management consulting company, also claimed that would reserve its dominance on the crypto market. In the firm’s opinion, the dominance rate could even go up to 66% in the future.
Published at Tue, 19 Feb 2019 14:10:12 +0000
