Over the last few months, traders and analysts have been ranting about an apparent alt season, doubling in price of many altcoins value. It wasn’t until Bitcoin’s recent rally that stopped in the price rising.
However, according to an experienced trader, altcoins are still in an accumulation phase. This could be the longest accumulation phase for altcoins suggesting a markup phase may be very soon.
Altcoin Going Through Longest Market Accumulation Phase
Since beginning of year 2019, various altcoins starting with Litecoin rally, have skyrocketed. Many have gone double in value in just a few short weeks after breaking out from downtrend resistance.
The surge in pricing across most altcoins has caused many to claim that an alt season was in full effect. However, a new chart shared by Crypto analyst shows that the altcoin market cap is still stuck in an accumulation cycle. According to the chart, the current accumulation phase covers off the last five years of total altcoin valuations of market cap, is the longest on record.
Prior to the current accumulation phase, the previous one occurred in late 2016 until early 2017. The surge helped create the crypto hype bubble that popped in late 2017, and created a deep correction that turned into the longest bear market in history.