• bitcoinBitcoin(BTC)$40,231.005.49%
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    Marketcap : $9,602,662,252.00
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    CHAINLINK
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    EOS
    24H : 4.00%
    Volume : $3,097,749,412.00
    Marketcap : $2,968,428,076.00
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    MONERO
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    Volume : $558,321,922.00
    Marketcap : $2,540,968,242.00
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    24H : 0.740%
    Volume : $188,933,349.00
    Marketcap : $2,082,656,562.00
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    Volume : $121,205,302.00
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    OKB
    24H : 3.00%
    Volume : $211,412,422.00
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    24H : 7.55%
    Volume : $253,789,192.00
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    24H : 7.07%
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    Marketcap : $1,395,227,730.00
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    Home News Bitcoin News

    Unprecedented Bitcoin Rally Leads Altcoins Into “Uncharted Territory”

    Andy K by Andy K
    January 8, 2021
    in Bitcoin News
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    Unprecedented Bitcoin Rally Leads Altcoins Into “Uncharted Territory”
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    Bitcoin Hits Record Levels Above $41K; Massive Corrections Ahead?

    Bitcoin Hits Record Levels Above $41K; Massive Corrections Ahead?

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    Don’t Sell Your Bitcoin and Ethereum on RSI Warnings: Analyst

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    The shocking Bitcoin rally has resulted in the cryptocurrency reaching two times its previous all-time high. Meanwhile, most altcoins have yet to return to the high they set years ago. This strange occurrence recently with altcoins growing in USD value, but getting hammered on BTC pairs has led the market into “uncharted territory,” according to one crypto analyst.

    Will Bitcoin continue to completely dominate altcoins from here on out, or will a proper altcoin season arrive where the rest of the asset class beats out BTC by a wide margin?

    The Bitcoin Bull Run That Left Altcoins Behind

    All eyes are on Bitcoin, stretching from Wall Street to Main Street, and even the government and banks are finally paying attention. Hard-coded rarity is causing a supply shock and letting the cryptocurrency soar to new highs with relative ease.

    No one is selling BTC, only buying. The investor fever and flying high prices have caused many to turn to cheaper cryptocurrency altcoin alternatives, like Ethereum, Chainlink, and Litecoin.

    These assets have also been rocketing in USD value, but these altcoins on their BTC pairs tell a very different story.

    On USD pairs of major altcoins, an uptrend and price appreciation is visible. However, on BTC trading pairs, each asset continues to grind towards new lows.

    In the past, once Bitcoin broke its former all-time high, an altcoin season caused the crypto class to beat out BTC by a substantial amount. But history has yet to repeat during this cycle as is evident in the Bitcoin dominance chart below.

    bitcoin dominance uncharted altcoins

    bitcoin dominance uncharted altcoins

    Things are not at all playing out like they did the last time around in crypto | Source: CRYPTOCAP-BTC on TradingView.com

    The current altcoin uptrend is nothing like what has been witnessed in the past in crypto. One crypto analyst paying close attention to this strange divergence between the closely related crypto assets says that this is “uncharted territory” for the market.

    But what exactly could this mean? Bitcoin so heavily outperforming everything else could be due to institutions only focusing on the top cryptocurrency during this cycle. This wealth class is looking to BTC to offset the risk of inflation, meanwhile, altcoins only present added risk considering their history and limited use case sans a few outliers.

    Ethereum has the green light from regulators and will be among the few coins with long-term value. DeFi that’s built on ETH’s back, will also do well. But what do altcoins from the past cycle that have done little to bring a working product to the market have to offer institutional money this time around?

    Retail investors who bought altcoins during the last bull run are still at a loss. So who exactly is buying altcoins? And is it enough to reach new highs?

    Read More From Original Source







    Tags: bitcoinBTCBTCUSDbtcusdtCryptoXBTxbtusd
    Share8399Tweet5250
    Andy K

    Andy K

    Andy is a former Forex Trader who got involved in the crypto industry early January 2013. Since then Andy has been writing about cryptocurrencies and blockchain technology within various online crypto news publications. He is also one of the main contributors to Cryptotelegraph.com

    Fun Fact : Andy's nickname in the office is 'Crypto Head' due to a small 'bitcoin' tattoo behind his left ear (now that's dedication to the industry)

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    Don’t Sell Your Bitcoin and Ethereum on RSI Warnings: Analyst

    Unprecedented Bitcoin Rally Leads Altcoins Into “Uncharted Territory”

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    Ethereum “Anti-Network Effect” Shows “DeFi Has Outgrown” The Altcoin

    Sell Setup Triggers On Ethereum Following Monster 50% Two-Day Surge

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