Sometimes a correlation to Bitcoin isn’t an entirely bad thing, and altcoins are proving this today. One such heavily correlated alt – Bitcoin cash (BCH) – is determinedly leading the entire market with an impressive 13% gain. So, is altseason still on the cards?

Bitcoin (BTC) is still revealing in its overnight gains, only just dipping its head below $8k, currently ebbing around that level at a price of $7945, still up +9.43% in 24 hours.

The rest of the top ten is also citing some impressive gains today with increases of more than 6% (almost) across the board:

Cryptocurrency market overview provided by Tradingview

Meanwhile head and shoulders above the rest, BCH is proving that strong correlation with Bitcoin by posting at 11.70 % increase on the 24-hour charts.

BCH/USD Chart provided by Tradingview

What’s next for altcoins?

One analyst, known as Crypto Michael suggested that Bitcoin needs to stabilize or find a floor before altcoins can pump effectively:

Another crypto personality known as Satoshi Flipper, seemed to agree, suggesting that BTC “finding a range” will allow Altcoins to increase; adding that a true altseason could be discovered in June:

Similarly, a trader known as The Cryptomist posited that as long as Bitcoin’s current position within a bull pennant holds, alts could fly as a result of Bitcoin’s continued sideways movement.

Looking at the father of altcoins, The Cryptomist also suggests that Ethereum  (ETH) is showing signs of a similar bullish formation. Relaying that ETH could be looking at a breakout which may prompt the wider altcoin arena to do the same.

So it seems as if altseason is still in play and Bitcoin’s volatile move last night didn’t seem to deter it but instead propagated it, and as long as BTC remains stable we could see alts fly…  but what do you think? Will alts continue to flourish or could another move up from BTC send them plummeting?

Let us know your thoughts in the comments below!

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(Excerpt) Read more Here | 2019-05-19 14:26:15
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