Featured Story
When was the last time Altcoin Market Cap turned its old 2014 highs into support? With ETH’s price rally above $3200 level, altcoins have started rallying again. Though investors continue their hunt for the next Ethereum-like asset to place their bet on, the overall altcoin market continues rallying.
It rallied over 27000% in over a year in 2014. Since the prices hit new ATHs and market capitalization increased, within 70 days of 2017 high, the market capitalization rallied by nearly 120% and turned 2017 highs into new supports. This marked the beginning of an altcoin rally that would continue in bursts nearly throughout the year.
A key driver of the altcoin rally is the demand across USDT and fiat markets on spot exchanges. Stablecoins like USDT have supplemented demand for altcoins for the longest time now and altcoins have rallied alongside the increasing dominance of stablecoins.
USD stablecoin will soon hit $100B in market cap, and make up 4% of the entire cryptocurrency market. This is a significant share, as it represents the demand from retail traders and institutions. Despite making up only 64% of the stablecoin market, USD Tether dominates the daily trading volume, accounting for over 90% of the daily traded volume of all stablecoins.
BTC and ETH’s price rally and dominance are conducive for altcoin’s price growth as well. Thus increasing number of active wallets across exchanges, ETH’s rally beyond the $3200 level and BTC’s rangebound price action have all supplemented the turning of highs to supports for altcoins.
There are several altcoins that traders have eyed for the longest time, waiting for dips to consolidate. Specifically, COMP, YFI, ALPHA, UNI, RUNE, AAVE, ETH and SXP have consolidated a few times this alt season. Most DeFi altcoins are part of this price rally. There are several altcoins experiencing similar gains as DeFi, a few of them are NFT marketplace tokens.
The bullish market structures formed in ETH/BTC and similar altcoins’ bitcoin markets are conducive to altcoin’s growth. The market structures are not looking bearish yet, however, there are traders buying the dip and scaling their portfolios. This is likely to offer higher returns in the future. The altcoin charts are currently bullish, signaling a rally and further gains in the current alt-coin season. Source: ambcrypto.
Don't Miss
Regulators Shut down 5 More Banks; 89 Failures This Year
The Bible records two instances of Jesus cleansing the temple of money changers and those selling sacrificial animals. Jesus’ first encounter with money changers was at the…
Read More
Epstein’s Elite Wall Street Ties Revealed In Filing
The world offers conflicting views of what being a man is all about. Some say that being a man requires grit, square-jawed determination, working knowledge…
Read More
Persian Gulf Conflict Could Send Oil Beyond $325
There is no doubt that world war will be a part of the future. Christ plainly taught that there would be war prior to His…
Read More
Alex Acosta Reportedly Claimed Jeffrey Epstein “Belonged To Intelligence”
People’s beliefs concerning Satan range from the silly to the abstract—from a little red guy with horns who sits on your shoulder urging you to…
Read More
Ship Seized In Record $1.3 Billion Cocaine Bust Belongs To JPMorgan
Greed causes people to do all sorts of things they wouldn’t normally do. Watch any number of TV courtroom dramas, and the crime under consideration…
Read More