Cryptocurrency News Today – Now that we have entered the new year, another journey for digital currencies has started. Many top tokens struggled last year following the extended bear run from the year earlier. Both the number two and three largest digital assets by market cap Ethereum and XRP (often classified as alternative cryptocurrencies), ended 2019 trading in the red zone.
As expected experts and crypto commentators will always have a few predictions to issue for cryptos. Now, Amsterdam-based crypto trader Michael van de Poppe has stated his belief that cryptocurrencies could start the year 2020 on a high note. Alternative coins have struggled throughout the past year. The trader issued predictions on Ether and other tokens.
Poppe: We Should Expect a Significant Breakout for Ether
Poppe points his reasons to the fact that going by history, Ether typically rallies at the start of the year. Take an example, the price of ETH skyrocketed by 52% in February while the number one coin Bitcoin was in limbo at the time. He is hoping that Ethereum will carry its streak into 2020.
There is a good reason to agree that Ethereum could carry on its winning streak in Q1 of every other year into 2020. Meanwhile, the other top digital assets might take advantage of Ether’s strength or breakout and post significant gains as well.
According to an earlier report, the other top ten tokens XRP and Stellar ended 2019 as the worst-performing cryptos of 2019. Both assets lost 39% and 50% of their value respectively. Ethereum’s historical data is one of the reasons why an altcoin season is likely going to occur in Q1 of 2020.
Bitcoin’s Dominance to Reach 98%
The Amsterdam-based trader also agrees with the fact that the dominance of alternative cryptos usually bottoms in Q1 of every year. This means that assets like Bitcoin could lose some ground to the smaller cryptos. As of when this report was published, BTC was changing hands at the $7,215 area with its dominance index moving above the 68% mark.
For comparison, the number one cryptocurrency was behind only 52% of the overall market cap at the beginning of 2019. But, Wall Street’s Tone Vays remains positive on claims that Bitcoin’s dominance could reach 98%. Whether these predictions are attainable remains to be seen. We can only wait and see how the early phase of 2020 will be.
