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Bitcoin knocked altcoins out of multi-week channels

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Bitcoin knocked altcoins out of multi-week channels

Bitcoin knocked altcoins out of multi-week channels
CONTENT

  • Bitcoin rallies to 2-month highs and a number of altcoins are poised to follow.

  • NEO, BAT and ZRX have shown strong results in recent days.

  • Is the new season of altcoins coming??

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Recently, Bitcoin and its struggle with the $ 10,000 level has been in the spotlight. Most altcoins are lagging behind, although some are starting to spread their wings too. This prompted a number of analysts to talk about a possible rally in altcoins..

Compared to last weekend, the cryptocurrency market grew by 8% – its capitalization increased by about $ 20 billion.As a result, the total market capitalization indicator rose to the maximum value since the end of February of $ 270 billion.

The lion’s share of this increase in the crypto space, of course, is due to the bullish momentum of the BTC, which intensified on the eve of the halving. Bitcoin’s Market Dominance Index recently hit a multi-month high of 69%. Altcoins mostly lag behind, but some of them also perked up and attack the upper boundaries of the side ranges in which they spent a lot of time.

Bitcoin knocked altcoins out of multi-week channels

Altcoins are showing signs of life

Cryptocurrency trader Benjamin Blunts [@SmartContracter] recently shared his observations on this topic on Twitter..

“I don’t want to stir up FOMO in anyone, butoooo MANY altcoins have finally begun to bullish their multi-week channels. The last time I saw this was in 2018 with BNB – ahead of his mind-blowing rally. “.

In particular, the trader provided charts showing bullish breakouts for altcoins such as NEO, 0x and BAT. However, a number of other altcoins demonstrate similar dynamics..

NEO, often referred to as “China’s Ethereum,” has shown dismal performance in recent weeks, trading in the $ 7-8 range, 96% below its all-time high. Recent Bullish Breakout Soars 26% To 2-Month High of $ 11.70.

BAT, Own token As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More Browser Brave also rallied 35%. The currency pushed out of the $ 0.185 area and almost reached $ 0.25. For comparison, the historical maximum for Basic Attention Token was reached at the beginning of 2018, and now the market drawdown from this level is “only” 70%.

Token 0x recently, too, has been on a roll and staged a two-day rally that doubled its value. As a result, the ZRX rate reached its maximum for more than a year over $ 0.44.

Bitcoin knocked altcoins out of multi-week channels

who is next?

In fairness, it should be noted that these are not the only altcoins to have made a bullish breakthrough in their channels in recent days. IOTA and Coin Augur, which jumped 30%, are now rallying..

Meanwhile, altcoins with high market caps – Ethereum, XRP, Litecoin, EOS, BNB, and Tezos – mostly remain in suspended animation, not showing sharp spikes in activity so far..

Thus, it is too early to talk about the beginning of the “altcoin season”, although, as a rule, it begins at this time of the year. In the meantime, Bitcoin and its behavior after the halving will continue to be in the spotlight. The dynamics of MTC will set the vector of movement for other cryptocurrencies.

Do you think altcoins will pick up the Bitcoin rally – and will there be any? Share your opinion in the comments!

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