{"id":430030,"date":"2020-07-08T23:00:35","date_gmt":"2020-07-08T23:00:35","guid":{"rendered":"https:\/\/wncen.com\/?p=430030"},"modified":"2020-07-08T15:46:23","modified_gmt":"2020-07-08T15:46:23","slug":"crypto-alt-season-rally-2021","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-alt-season-rally-2021\/","title":{"rendered":"Ongoing Crypto “Alt Season” Might Spark a Much Bigger Rally in 2021: Analyst"},"content":{"rendered":"

Altcoins are blowing up across the crypto market<\/a>, for the first time in what feels like forever. The rallies are reminiscent of the cryptocurrency bubble of 2017 and could be a sign that a new bull market is forming.<\/p>\n

However, one analyst says that the current rally is mere “target practice,” for the full-scale bull run coming for altcoins in 2021.<\/p>\n

Altcoins Finally Show Signs of Recovery Against Bitcoin<\/h2>\n

As Bitcoin took the world by storm with its surge to $20,000, investors flocked to altcoins trying to find the next big thing. Eager investors FOMOed into whatever shiny new crypto asset they could get their hands on.<\/p>\n

New crypto assets were created by the day as the bubble grew in size. Investors pumped money into assets they didn’t understand, hoping to strike it rich.<\/p>\n

And many did<\/a>. As powerful as Bitcoin’s rally was, assets like Ethereum, XRP, and countless others pumped much more quickly and strongly.<\/p>\n

50,000% returns weren’t uncommon over the course of 2017. Altcoins vastly outperformed Bitcoin, even as the asset was soaring on its own.<\/p>\n

Related Reading | Crypto Asset Goes Viral, As TikTok Users Plan Coordinated Pump<\/a><\/strong><\/em><\/p>\n

Bitcoin dominance<\/a>, a metric that weighs the leading cryptocurrency by market cap against that of other assets in the space, broke down. It fell from 97% to 35% dominance in just a little over a year.<\/p>\n

But after that peak, altcoins have steadily underperformed Bitcoin for nearly four full years. Bitcoin has recovered nearly 50% of the way to its all-time high in USD, while altcoins remain down by 90% or more in many cases<\/a>.<\/p>\n

On BTC trading pairs, altcoins have fared even worse. But all that has changed recently, with altcoins across the market surging while BTC dominance plummets.<\/p>\n

The recent trend change is the first real shot at an alt season in years, but one analyst claims that the real rally will begin next year.<\/p>\n

Analyst: Current Alt Season Is Target Practice For Coming 2021 Bull Market<\/h2>\n

The ongoing alt season has led to Chainlink setting a new all-time high<\/a>, XRP finally pumping<\/a> out from downtrend resistance, and altcoins surging everywhere.<\/p>\n

Low liquidity small-cap altcoins and DeFi tokens have thus far led the charge<\/a>, but mid- and large-cap altcoins are primed for a major pump.<\/p>\n

This all requires Bitcoin to continue to provide an ideal environment for alts to thrive – which tends to be sideways action that causes investors to search for thrills in altcoins.<\/p>\n

And while altcoins are currently trouncing Bitcoin, one analyst claims that all of this is just “target practice” for the rally that’s coming next year.<\/p>\n

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17\/ I consider all of this target practice for next year, when the real face-melting alt moves likely start to kick off. <\/p>\n

These are just a few of the weapons worth using.<\/p>\n

There are others, new ones are invented all the time, and they just keep getting better. \ud83d\udd25<\/p>\n

— Cole Garner (@ColeGarnersTake) July 8, 2020<\/a><\/p><\/blockquote>\n