While bitcoin (BTC) has delivered a good return for many bulls in recent months , the altcoins are still lagging behind relatively. With the bitcoin dominance at its highest level in 18 months, many wonder when the next alto season will start. According to Moon Overlord, this will take a while.
Moon Overlord is a crypto trader and analyst with many followers on Twitter. In a tweet that Moon sent into the world on June 6, he compares the bitcoin price from 2012 to 2015 with the total market capitalization of the altcoins from 2016 to 2019:
$BTCUSD 2012 – 2015
VS.#Altcoin Marketcap 2016 – 2019
We're now entering the accumulation period for $ALTS, it will likely last until 2020.
2020… 🚀 pic.twitter.com/6gjY8nnsiK
— Moon Overlord (@MoonOverlord) July 6, 2019
By comparing the graphs, it can be seen that both courses made almost identical movements in the past. If this continues, it means that “we are now entering an accumulation period for the alts, this will probably take until 2020,” said Moon Overlord.
The analyst predicted earlier that bitcoin would rise in April this year. During earlier halving events, BTC increased considerably one year before the mining rewards were halved. Since the next halving will take place in 2020, Moon predicted that bitcoin would rise in April or May of this year, which in retrospect was true.
Of course nobody knows whether this prediction will be correct again. Many altcoin traders yearn for new increases as the altcoins have fallen relatively far behind bitcoin. With the bitcoin dominance at its highest point in 18 months, the altcoins are starting to lose considerable ground.