I know it sounds a little bit far-fetched considering the year we’ve had but hear me out because I think alts are primed for a bull run.
I think it’s fair to say that it’s been a dreadful 2019 for all coins.
You just need to take a look the charts because it’s plain to see that 95% of them have underperformed vs bitcoin this year.
In fact, many of them have actually are actually lower in value than they were at the lowest point of the bear market back in December 2018.
Hi-caps, mid-caps, and low-caps.
All but a few are at all time lows or close to all time lows.
Alt-coin hype has begun to fall on deaf ears.
Suppoman, the once wildly popular YouTube account has all quit social media as alt-coins bled out even further in 2019.
But is there light at the end of the tunnel?
Are alts dead or is it possible that they could make some kind of return?
Let’s look at a three charts that might show a change in market sentiment:￼
1) Matic (MATIC)
At the time of writing, Matic is up 774% since it was released in late spring 2019.
In the past month it has tripled in value.
It’s been doing insane volume on Binance and has been the best performer of all the Binance IEOs this year.
2) Tezos (XTZ)
Tezos is another alt-coin that is beginning to show signs of strength.
Since Coinbase announced that you can now stake Tezos on their own dedicated platform, price has begun to make higher lows.
Developed by ex-Morgan Stanley analyst Arthur Breitman. Tezos (XTZ) is a multi-purpose platform that supports dApps and smart contracts.
Signs are pointing to a continued uptrend.
The MACD is crossing on the daily chart and all timeframes are pointing toward a further climb.
3) Ravencoin (RVN)
Ravencoin has been leading a charge and has recently shot up 70% in value.
It’s another alt that is looking great on the chart.
Ravencoin (RVN) is an open-source blockchain project that specializes in the creation and peer-to-peer transfer of assets.
To be honest, I could’ve pulled up many more charts that are pointing towards an uptrend for alt-coins.
December is traditionally a really good month for alts so it might be time to go gem hunting!
Uncle Bob is veteran of the crypto game. None of what is written should be taken as financial advice and before investing everyone should do their own due diligence.
Uncle Bob has a well followed crypto related twitter account and can be viewed here