Too fast, too furious: Some major altcoins failed to match Bitcoins rally

Thursday 21 January 2021, 2:20 AM AEST - 1 month ago

Since then, the price of Bitcoin has suffered a correction, and most of the crypto market followed. Bitcoin is currently sitting at just over $35,000, and while traders suggest the pullback to be a healthy correction required for Bitcoin to maintain its bullish momentum, some believe the cryptocurrency may plunge below the $20,000.

The Bitcoin price action has also been reflected in the altcoin market as it usually does, with many popular cryptocurrencies surging alongside BTC. Noticeably, Ether (ETH), the native token of the Ethereum platform, has doubled in value in the last month and is currently sitting at over $1,300.

While Bitcoin has blasted through its previous all-time high, multiple coins in the top 100 have yet to do so despite seeing substantial price surges. This may suggest that a new alt-season may be coming, especially as multiple DeFi tokens break into the top 20 market cap even as the direction of Bitcoins price remains uncertain. Jonathan Hobbs, the author of The Crypto Portfolio and a former digital asset fund manager, told Cointelegraph:

Bitcoin dominance has started to drop against altcoins. While not yet a full-blown alt season, the signs are certainly there for one. I would like to see Ethereum break the $1,500 level for a final alt season confirmation.

While the latest crypto rally has taken the global cryptocurrency market capitalization to the $1-trillion mark, there have been a few notable cryptocurrencies that have failed to keep up with Bitcoins growth for different reasons.

Ripple and the law

After some bullish a ...

Read full story on Cointelegraph

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.