Altcoins are currently entering an accumulation period that is expected to last until 2020. This is according to the cryptocurrency analyst Moon Overlord on Twitter, who released an analysis about Bitcoin (BTC) and altcoins.
Altcoin Season Could Start in 2020
As reported by Moon Overlord on a series of Tweets uploaded on July 6, he said that the market is currently entering a new accumulation period for altcoins that is expected to last until 2020. In this tweet, he shared two images in which it is possible to see a comparison between BTC/USD during 2012 and 2015, and the altcoin market cap between 2016 and 2019.
At the moment, the altcoin market seems to be entering a key consolidation period that would end up in a new bull run for altcoins in 2020. According to data provided by CoinMarketCap, Bitcoin has reached the highest market dominance since the beginning of 2016 with several virtual currencies falling in terms of BTC.
There are just some few altcoins that were able to surge more than Bitcoin during this year among the top 10. We are talking about Litecoin (LTC) and Binance Coin (BNB), that experienced a very positive first half in 2019. Litecoin is also expected to keep growing in the near future due to the halving event that it will be experiencing in August this year.
Bitcoin is also going to be experiencing a halving event in 2020. In May next year, miners are going to be receiving fewer BTC per block. At the moment, miners receive 12.5 BTC per block and after the halving, they will be receiving just 6.25 BTC per block. This is certainly bullish for the digital currency that could continue growing with a larger demand and a reduced issuance.
Bitcoin has been growing since the beginning of the year and the path towards new highs in more than a year accelerated for the most popular digital asset. During that time, it was possible to see that many users moved from altcoins to Bitcoin not to be left behind, which resulted in many altcoins falling compared to BTC.
As reported by CoinMarketCap, Bitcoin as a market dominance of over 62% when at the beginning of the year it was close to 51%. At the time of writing this article, Bitcoin is being traded around $11,250 and it has a market capitalization of over $200 billion.
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