With Bitcoin’s dominance dropping in the last couple of days, altcoins seem to be taking full advantage. Altcoins, which have been unable to step out of Bitcoins shadow for the past couple of weeks have now turned up and are recording immense gains at the time of press.
Does this mean the altseason is back? The drop in dominance by Bitcoin and price surge could suggest so. With investors anticipating that Bitcoin might be maxed out at least for the short term, they are beginning to move to altcoins. Altcoins still have much potential and could offer more payout for now.
At the time of press, leading the charge are the two of the biggest altcoins by market cap, Ethereum and Ripple’s XRP. In the last 24 hours, they have soared by 6.70% and 7.45% respectively.
However, although these gains are impressive having come in the last 24 hours, other altcoins are outperforming them. Bitcoin SV, for instance, has soared by more than 70% at the time of press. Bitcoin Cash, Cardano, and IOTA are also in the double digits with surges of up to 10%.
Notably, while altcoins are surging by 3% to 15% on average, Bitcoin has only managed to gain a little over 1% at the time of press. Over the next couple of hours, Bitcoin will possibly pick up the pace and record higher gains as the bulls continue to attempt a retest of its new resistance position of $8,850.
The surge from around the market has seen the total market cap climb to a little under $280 billion, bringing insight to the $300 billion target. With recent surges seeing the market add up to $25 billion in a single move, reaching $300 billion will be easily achievable during the next major rally.
How High Can The Bulls Push Altcoins?
Altcoins have great potential most of them have dropped by more than 80% from their all-time highs. For Ethereum which is now nearing the $300 position, one analyst believes it will hit as high as $400 unless there is a correction soon. Trader and analyst ‘Credible Crypto’ stated:
“Bulls beware, it might almost be time to be a bear. I will not short this, but I will take partial profits on a portion of spot ETH longs that I picked up sub $200. If this doesn’t play out, we are headed straight to $350 and then $400.”
This will definitely be the case for all other altcoins and possibly Bitcoin.