Preparing For Altcoins Season Takeoff
While some cryptocurrency traders believe the altcoins season 2021 hasn’t started yet, there are many signs that say otherwise.
Statistics show that interest in cryptocurrencies over the last month is well above the record indicators of 2017. Additionally, the phrase ‘best crypto app’ was widely searched. Indicating an increase in the number of buyers.
Even without this data, it is easy to see that the cryptocurrency market has been very active. This was evidenced by the Bitcoin price recently reaching a new all-time high of $58,000.
Although the leading cryptocurrency’s price has since corrected, Bitcoin is still trading more than 1.5 times compared to December 2017.
For as much as Bitcoin grew over the last 12 months, Ethereum has achieved even bigger gains. Since last March, the top altcoin’s growth has amounted to almost 1,800%. This indicates that the new alt season 2021 is underway.
In addition to the start of the altcoins season 2021, an inflow of capital helped Ethereum set a new all-time high. “I still expect it to reach $ 20,000 by the end of the year,” said Raoul Pal, economist, and CEO of Global Macro Investor.
While Ethereum has thrived, it isn’t the highest-growing altcoin. That honor belongs to Dogecoin and Ripple, although their respective growth was due to artificial pumping.
Positive dynamics are also being observed in the markets of Litecoin and Bitcoin Cash. It’s worth noting these particular altcoins have not reached their maximums yet. It’s only a matter of time before they do so. Especially with the altcoin season in full swing.
There additionally is a high demand for altcoins on competing platforms of Ethereum such as Polkadot, Cosmos, Solana, and Zcash. This is because investors are actively diversifying their cryptocurrency investment portfolio to avoid losing profits.
Bohdan Prylepa, the co-founder of Prof-it-Blockchain and COO of Bitcoin Ultimatum, explained “this will ensure the growth of altcoins before the beginning of spring.” Which many believe will be the peak of alt season 2021.
Altcoin Market Cap in Process of Turning 2017 Highs into New Support
According to Rekt Capital, the altcoin market cap is finding success with turning its old 2017 highs into new support.
If the current pattern holds, the altcoin market cap could set new highs. This could come to fruition if the altcoin season 2021 lives up to expectations.
