{"id":104684,"date":"2019-05-11T16:41:19","date_gmt":"2019-05-11T23:41:19","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=104684"},"modified":"2026-04-16T16:57:36","modified_gmt":"2026-04-16T15:57:36","slug":"altcoins-post-double-digit-gains-as-bitcoin-accelerates-past-7000","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/altcoins-post-double-digit-gains-as-bitcoin-accelerates-past-7000\/","title":{"rendered":"Altcoins post double-digit gains as bitcoin accelerates past $7,000"},"content":{"rendered":"<p>Altcoins across the board\u2014including <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a>, <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin-cash\/\">Bitcoin Cash<\/a>, <a href=\"https:\/\/cryptoslate.com\/coins\/litecoin\/\">Litecoin<\/a>, <a href=\"https:\/\/cryptoslate.com\/coins\/eos\/\">EOS<\/a>, and <a href=\"https:\/\/cryptoslate.com\/coins\/bnb\/\">Binance Coin<\/a>\u2014are surging as <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> makes its ascent past $7,000.<\/p>\n<h2>Altcoins depreciate as bitcoin surges<\/h2>\n<p>Altcoins have been hemorrhaging capital as bitcoin climbed from $5,687 on May 7 to $6,343 on May 11\u2014an 11.5 percent increase. The relationship is visible when looking at overall market capitalization excluding BTC, which has a direct relationship to the average performance of all altcoins.<\/p>\n<figure id=\"attachment_104692\" aria-describedby=\"caption-attachment-104692\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-104692 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/market-capitalization-without-bitcoin-1024x635.png\" alt=\"\" width=\"1024\" height=\"635\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/market-capitalization-without-bitcoin-1024x635.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/market-capitalization-without-bitcoin-300x186.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/market-capitalization-without-bitcoin-768x476.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/market-capitalization-without-bitcoin.png 1362w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-104692\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a><\/figcaption><\/figure>\n<p>Overall market capitalization excluding bitcoin, from the May 7 to May 10, decreased by 9.4 percent from its peak to its localized low. This translates to across the board losses for altcoins.<\/p>\n<p>Meanwhile, since Apr. 26 bitcoin has seen \u201c<a href=\"https:\/\/cryptoslate.com\/data-shows-bitcoin-most-overbought-since-2017-parabolic-phase-or-impending-crash\/\">parabolic growth<\/a>\u201d going from $5,131 to trading at over $7,100 today.<\/p>\n<figure id=\"attachment_104691\" aria-describedby=\"caption-attachment-104691\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-104691\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/bitcoin-parabolic-may-2019-1024x631.png\" alt=\"\" width=\"1024\" height=\"631\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/bitcoin-parabolic-may-2019-1024x631.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/bitcoin-parabolic-may-2019-300x185.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/bitcoin-parabolic-may-2019-768x474.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/bitcoin-parabolic-may-2019.png 1351w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-104691\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p>It appears that bitcoin decoupled from the overall market and capital from altcoins flowed into the dominant cryptocurrency. Some even went as far as to call the relationship between bitcoin and altcoins a \u201cmassacre.\u201d<\/p>\n<figure id=\"attachment_104693\" aria-describedby=\"caption-attachment-104693\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-104693\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/altcoin-massacre-may-2019-1024x576.jpg\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/altcoin-massacre-may-2019-1024x576.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/altcoin-massacre-may-2019-300x169.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/altcoin-massacre-may-2019-768x432.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/altcoin-massacre-may-2019.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-104693\" class=\"wp-caption-text\">Source <a href=\"https:\/\/twitter.com\/CryptoScamHub\/status\/1126637761052782593?s=20\">@CryptoScamHub<\/a><\/figcaption><\/figure>\n<h2>Examining the relationship between bitcoin and altcoins<\/h2>\n<p>The relationship between bitcoin and altcoins is cyclical according to Avi Felman, a trader at Wave Financial:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">4\/ The bull run is started by Bitcoin posting strength.<\/p>\n<p>Next, a few alt coins (such as ETH and XRP in 2017) lead the charge up and shave off Bitcoin dominance.<\/p>\n<p>Then, at the peak of the bull will come the part called \u201caltseason\u201d where profit spills over into other altcoins.<\/p>\n<p>&mdash; Avi (@AviFelman) <a href=\"https:\/\/twitter.com\/AviFelman\/status\/1126898274315767808?ref_src=twsrc%5Etfw\">May 10, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Felman points to historical data from the bull run of 2016 to 2017, where the cycle was observed twice. Gains in bitcoin are followed by major altcoins\u2014such as litecoin, bitcoin cash, ethereum, and <a href=\"https:\/\/cryptoslate.com\/coins\/xrp\/\">XRP<\/a>\u2014and then by minor altcoins, such as <a href=\"https:\/\/cryptoslate.com\/chainlink\/\">chainlink<\/a>, <a href=\"https:\/\/cryptoslate.com\/coins\/decred\/\">decred<\/a>, and <a href=\"https:\/\/cryptoslate.com\/coins\/neo\/\">neo<\/a>.<\/p>\n<p>This is observable by looking at bitcoin dominance relative to other cryptocurrencies. In January of 2016, the overall market capitalization was $615 million. By the end of December 2017, it was $373.6 billion. Much of these gains were accrued first to bitcoin and then by altcoins as seen in the chart below:<\/p>\n<figure id=\"attachment_104689\" aria-describedby=\"caption-attachment-104689\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-104689 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/bitcoin-dominance-2016-2017-1024x430.png\" alt=\"\" width=\"1024\" height=\"430\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/bitcoin-dominance-2016-2017-1024x430.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/bitcoin-dominance-2016-2017-300x126.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/bitcoin-dominance-2016-2017-768x322.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/bitcoin-dominance-2016-2017.png 1361w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-104689\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/cryptoslate.com\/products\/coinmarketcap\/\">CoinMarketCap<\/a><\/figcaption><\/figure>\n<p>Bitcoin went from dominance levels of over 60 percent before losing market capitalization to ethereum, XRP, and litecoin. This is also observable when cryptocurrencies respectively peaked during the 2017 bull market.<\/p>\n<p>Bitcoin peaked first on Dec. 17, reaching highs of $19,600. This was followed by litecoin on Dec. 19, reaching $375.<\/p>\n<p>Bitcoin cash peaked a day later, on Dec. 20, hitting $4,355. On Jan. 4, XRP went as high as $3.81. Finally, ethereum reached its height on Jan. 13 at $1,427.<\/p>\n<h2>Is the pattern repeating?<\/h2>\n<p>Now, the pattern may be repeating as bitcoin once again gains dominance. Relative to the total market capitalization of all cryptos, bitcoin has steadily risen to 59 percent market dominance, a 365-day high.<\/p>\n<p>As seen in the past, altcoins were losing value as bitcoin marched upwards in dominance. However, now these gains are starting to flow into altcoins as bitcoin accelerates past $7,000.<\/p>\n<p>Nevertheless, the crypto markets are still highly unpredictable. Even if historical data suggests these kinds of cycles exist, it would not be surprising for them to be broken.<\/p>\n<p>That said, there are a few likely scenarios. If bitcoin continues to post astronomical gains with limited capital inflow into the overall market, then altcoins may continue to perform poorly. If capital starts pouring into the market, then rising bitcoin prices will likely raise the value of all coins. If bitcoin surges and then consolidates, it\u2019s possible altcoins will see delayed gains as Felman has suggested.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Altcoins across the board\u2014including Ethereum, Bitcoin Cash, Litecoin, EOS, and Binance Coin\u2014are surging as Bitcoin makes its ascent past $7,000. Altcoins depreciate as bitcoin surges Altcoins have been hemorrhaging capital as bitcoin climbed from $5,687 on May 7 to $6,343 on May 11\u2014an 11.5 percent increase. The relationship is visible when looking at overall market [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":104696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15323,6849],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Altcoins post double-digit gains as bitcoin accelerates past $7,000<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/altcoins-post-double-digit-gains-as-bitcoin-accelerates-past-7000\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Altcoins post double-digit gains as bitcoin accelerates past $7,000\" \/>\n<meta property=\"og:description\" content=\"Altcoins across the board\u2014including Ethereum, Bitcoin Cash, Litecoin, EOS, and Binance Coin\u2014are surging as Bitcoin makes its ascent past $7,000. Altcoins depreciate as bitcoin surges Altcoins have been hemorrhaging capital as bitcoin climbed from $5,687 on May 7 to $6,343 on May 11\u2014an 11.5 percent increase. The relationship is visible when looking at overall market [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/altcoins-post-double-digit-gains-as-bitcoin-accelerates-past-7000\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-11T23:41:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-16T15:57:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/altcoins-gains-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mitchell Moos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Altcoins post double-digit gains as bitcoin accelerates past $7,000\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mitchell Moos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/altcoins-post-double-digit-gains-as-bitcoin-accelerates-past-7000\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/altcoins-post-double-digit-gains-as-bitcoin-accelerates-past-7000\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/#person\",\"name\":\"Mitchell Moos\",\"url\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/author-mitchell-moos.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/author-mitchell-moos.jpg\",\"caption\":\"Mitchell Moos\"},\"jobTitle\":\"Contributing Analyst\",\"description\":\"Mitchell is a software enthusiast and entrepreneur. 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