2019 proved to be a roller-coaster yr for the Bitcoin and altcoin markets.
Bitcoin began the yr at lows of round $3,150 earlier than threatening to interrupt its all-time excessive in the summertime, surging all the way in which as much as $14,000.
On the time of writing, Bitcoin is recording increased lows and is buying and selling nicely above $8,100. As is often the case, for altcoins to achieve new all-time highs, Bitcoin must pump first.
Nonetheless, on this article, I’ll check out the highest 4 altcoins which have outperformed Bitcoin during the last yr.
The leaders
Earlier than I dive a bit deeper into every altcoin individually, let me take a second to match the top-performing altcoins vs Bitcoin during the last 12 months.
On the time of writing, Chainlink (LINK) is ranked as primary with near 100% positive factors since final yr, whereas Bitcoin SV has been experiencing some spectacular momentum just lately.
Subsequent up is Egretia (EGT) with positive factors topping 90%, adopted intently by Ripio Credit score Community (RCN) and Tezos (XTZ) with positive factors of 76% and 30% respectively.
Lastly, we have now Bitcoin SV (BSV) with positive factors of 15% and Binance Coin (BNB) with positive factors of 10%.
In the intervening time, I’ll ignore Egretia as a result of low quantity.
So let’s take a better take a look at the most important winners during the last yr: Chainlink, Ripio, Tezos, and Bitcoin SV.
LINK/BTC
Right here we will see the chart for Chainlink vs Bitcoin, courtesy of TradingView.
Basically, the Chainlink community offers dependable tamper-proof inputs and outputs for advanced sensible contracts on any blockchain.
LINK is at present buying and selling above 26,200 sats. In the meanwhile, it’s wanting fairly grim for Chainlink because the 20-day EMA and the 50-day EMA are near crossing to the draw back.
Regardless of this newest downtrend, LINK is still up over 90% towards Bitcoin since final yr. At its peak, Chainlink was up over 330% versus Bitcoin.
Nonetheless, LINK wasn’t capable of maintain its positive factors and the quantity profile reveals the coin could possibly be in dire straits. If LINK is unable to carry assist close to 24,000 sats, it might drop additional down in direction of the following ranges of assist at 20,000 and 12,000 sats.
It’s vital to underline nonetheless that Chainlink dumped over 50% between July and September final yr earlier than making its option to new all-time highs.
This implies we might see LINK drop under 18,000 sats earlier than pumping once more in direction of a brand new excessive.
If patrons stay in management, I count on LINK to pump someday throughout Q1 2020. The altcoin traditionally reaches new all-time highs each 115 to 130 days, so we might see a brand new excessive throughout February or March 2020.
However, if value drops down additional under 12,000 sats and is incapable of pushing in direction of the 200-day EMA, I might swap my place and keep away from LINK.
RCN/BTC
Ripio Credit score Community (RCN) is an open international credit score community that connects lenders, debtors, and mortgage originators on the blockchain to create frictionless, clear, and borderless debt markets.
Basically, Ripio harnesses blockchain expertise to bridge credit score provide and demand throughout borders, creating a brand new ecosystem for decentralised debt merchandise.
Trying on the chart above, courtesy of TradingView, we will shortly see value motion isn’t wanting too good for RCN in the intervening time. Whereas the altcoin remains to be over 340% above its 2019 lows, it only recently broke its optimistic development.
Worth went from a excessive of 700 sats in December 2019 to 531 sats the place it sits now. That represents a 25% drop in only a month.
As well as, RCN examined its 20-day EMA again in late October 2019. The altcoin rebounded and pushed from 400 sats to over 700 sats. The development is now damaged as RCN has dropped again in direction of the 50-day EMA.
If the altcoin is ready to push above all its EMAs in the course of the subsequent rally, I might count on value to pump in direction of new all-time highs. However, if RCN drops additional, I might keep away from making new entries.
XTZ/BTC
Subsequent we have now the chart for Tezos vs Bitcoin, as soon as extra courtesy of TradingView.
Basically, Tezos is an open-source platform for property and functions backed by a world neighborhood of validators, researchers, and builders.
Though there was an enormous pump from November to December following the launch of Tezos’ mainnet, value has now dropped considerably.
XTZ dropped from a excessive of over 25,000 sats to 15,000 sats, the place it’s at present sitting. The altcoin grew over 200% towards Bitcoin earlier than a 40% drop.
Tezos has already damaged the 20-day and 50-day EMAs to the draw back, and I count on XTZ to interrupt the 200-day EMA in addition to value motion is wanting fairly grim for the altcoin.
The quantity profile doesn’t present a serious assist interval till the 12,000 sats vary, which means we might see additional substantial drops.
My present evaluation is that if XTZ isn’t able to breaking above its 200-day and 50-day EMAs quickly, I’m anticipating Tezos to consolidate between 10,000 and 12,000 sats for fairly a while.
Nonetheless, it appears a great time to attend for XTZ to chill down earlier than making any severe strikes.
BSV/BTC
Bitcoin SV has been performing very nicely versus BTC to this point in 2020.
On the time of writing, BSV has pumped from 1,4o0,000 sats in direction of 2,740,000. That’s near a 50% pump in just some days.
Since its backside in early October 2019, BSV has been recording increased highs. Trying on the quantity profile on the left, sturdy assist is proven between 1,200,000 sats and 1,400,000 sats.
All EMAs are at present spiking as nicely, and the 20-day EMA has crossed each the 50-day and the 200-day EMAs. If the development continues, I count on BSV to persevering with making new highs.
The following goal is round 3,400,000 sats, which means BSV might nonetheless pump not less than an additional 50%.
Protected trades!
Disclaimer: The views expressed on this article are the writer’s solely. This text isn’t monetary recommendation or promotional materials; it represents my private opinion and shouldn’t be attributed to Coin Rivet.
