Major crypto assets like EOS, Litecoin, and Ethereum are up by around five percent on average, and investors have been quick to call the start to an altseason.
In crypto, an altseason refers to when so-called alternative cryptocurrencies begin to surge in value amidst rising momentum in the market.
Many crypto assets have increased significantly in value over the past two weeks, but considering their steep fall from record highs and their performances in comparison to bitcoin, it is still too early to call it an altseason.
How have major crypto assets performed against bitcoin
Against the USD, large cryptocurrencies like EOS, Litecoin, and Ethereum have rebounded quite strongly since the end of the first week of January.
Since January 2019, Ethereum fell by around 57 percent against bitcoin. Litecoin dropped by 45 percent in the same period against BTC and EOS declined by 47 percent against BTC since the start of last year.
Normally, an altseason begins after the bitcoin price spikes significantly. Major crypto assets do rise in tandem with BTC in an upside movement, but the real big movements based in historical data occur when BTC demonstrates sideways movement following an extended rally.
The sentiment around the crypto market rises and as BTC stabilizes, investors look for high risk options, confident in the short-term trend of the market.
Currently, it is difficult to say that bitcoin is in a bull market. Technically, because it is down by more than 20 percent from its recent high, it is in a bearish trend.
So, with bitcoin not c ...