Alternative cryptocurrencies (altcoins) have begun to feel the crypto winter as major names start dropping below previous year-on-year price levels.
Another bitcoin sell-off exposed altcoins to their worst losses since Oct. 11 hammering home the bearish case with altcoins in the top 20 by market capitalization depreciating 3-10 percent and breaking down from a 12-day consolidation period.
That also opened up Dash (DASH), Litecoin (LTC), Bitcoin cash (BCH), Ether (ETH) and Neo (NEO) to present their worst year on year performances to date according to exchange and CoinMarketCap data.
At press time, DASH is trading at $154 – a $130 difference to last years levels of $284 last seen Oct. 30, 2017, while BCH was trading at $472 on Oct. 30 last year now standing at $419 – a $53 difference.
Ether (ETH) is also down on last year’s Oct. 30 levels of $305, currently changing hands at $197 – a $108 difference.
It’s also the same case for LTC and NEO down $6.66 and $12.55 respectively, which have both struggled to mount a reversal in the bearish trend that has been ongoing since bitcoin’s breakdown in early Jan.
Granted around this time last year price action spurred on by the ICO madness, sparked a massive bull-run that shot the price of bitcoin up to its all-time high of $20,000 in late Dec.
This had the dual effect of increasing the value of the entire alt-coin market as people poured into crypto increasing the total market capitalization to its peak of $817 billion on Jan. 8, 2018.
A turn for the worse?
Things have changed since bitcoin first fell below a key indicator back in March of this year, which signified greater bearish conditions had taken hold as investors sought to exit altogether.
The 200-Daily Moving Average (DMA) demonstrated a complete loss of bullish control the second time around when bitcoin attempted its move above $10,000 on March 12, 2018.
Bitcoin’s dominance rate has also steadily increased by 0.44 percent on the week, presenting a shift away from altcoins in lieu of the expected November run-up.
So it seems the bears have tightened their grip on the altcoin market possibly feeding into the new year instead of experiencing a bullish resurgence like some are expecting until they can once again break above their year-on-year targets.
Disclosure: The authors hold USDT at the time of writing.