Time to Trade Altcoins? Other Cryptos Are Surging While BTC Struggles to Reach $40K

Tuesday 19 January 2021, 12:00 PM AEST - 1 month ago

Despite recovering from a robust bearish correction, Bitcoin struggles to reach $40K with volatile market movements since last week. Now altcoins could take the spot for retailers.

Traders Seeking for Altseason

Traders and analysts are considering moving towards altcoins with a smaller market cap, but with greater profits in the long run. The calls for an Altseason began on January 10, when Polkadot’s DOT token reached the fourth spot with the most market cap.

The Ethereum-powered Chainlink token —LINK— followed with 13 % gains in the last days, taking the number 9 spot in the market. A handful of altcoins started seeing considerable bullish movements while BTC was entering into a consolidated zone.

Several altcoins were up by at least 2 – 10 % in the last 24 hours:

  • Cosmos Atom: 13%
  • NEO: 17.75%
  • Litecoin: 4%
  • VeChain VET: 11.31%

Analysts suggest that Bitcoin is coiling up for another major bullish run and in the meantime, this could be a great opportunity to trade the alt market.

According to graphs by the data tracker Thermocap, Bitcoin is still traded at “the lower-end” of the bullish run, suggesting a longer uptrend. Especially this week, considering Grayscale bought 10,000 BTCs, resuming its massive crypto purchases.

According to researcher Geer Jan Cap, the “Short term peak was January 10th, at 20. We’re still in the low end of the ’21 bubble phase. 16 would be the bubble phase”.

Source: Twitter / GeerJancap

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