Bitcoin has destroyed the altcoin market in 2019, but one contrarian crypto trader believes BTC is about to suffer a reckoning. | Source: Shutterstock
By CCN Markets: It’s easy to miss just how badly bitcoin has clobbered altcoins since the crypto market’s latest bull run began.
From Ethereum all the way down to Stratis, almost every coin has developed an ultra bearish market structure.
There’s no denying that the charts look horrible. This is perhaps the main reason why many on Crypto Twitter are already delivering an altcoin eulogy.
Just checked some weekly altcoin charts.
My conclusion: Alts are dead.
— George (@George1Crypto) August 20, 2019
There’s so much fear, uncertainty, and doubt some crypto investors have already accepted their grim fate.
For instance, a pseudonymous Twitter account named Mrs. Henry recently capitulated. The person behind the account claims to have lost $242,000 in two years of trading altcoins.
Invested 12/2017: $280,000
Sold 8/2019: $38,000
Total Loss: $242,000
Thank you for being so kind to me over the last 2 years. Without some of you, I may not have survived my darkest moments.$ICX $ADA $ZIL $XLM $OMG $THETA $ZRX $AST $NCT $CHSB $BTC $TFUEL pic.twitter.com/KX6bJRyDHA
— Mrs. Henry 🦄 (@Mrs_T_Henry) August 10, 2019
There’s very little doubt that despair is in the air.
However, one trader who tweets under the pseudonym Paddy Stash is defying the chorus of altcoin bears,