Litecoin (LTC) Surges Past $220, Why the Altcoin Market May Just Be Starting the New Bull Cycle

The uptick in the number of new addresses and futures aggregate open interest may be taken to mean an influx of investors.

Notable performers in the past 24-hours include a 45.34% rally from DASH and a 17.23% move from EOS, Ravencoin is up by 19.84%. IOTA which had been stuck in a bottoming formation for over two years rallied 11.07% in the 24 hours and 128.01% on a seven-day basis. The Altcoin picked up momentum after it broke above the resistance at $0.55.

The Altcoin versus BTC chart can often provide additional relevant insights. Many Altcoins just started gaining strength in their BTC charts, awakening from a bear market nap. This has translated to many Altcoins showing massive strength in their USD pairs, reaching new all-time highs.

However, the BTC pairs of these Altcoins still have a lot of upside potential. This means that the market may just be starting the new bull cycle. Ethereum for instance is stagnating in its BTC Pairing.

Willy Woo, a popular on-chain analyst, said that historically, Bitcoin is a better “multi-cycle HODL” while ETH is a “better mid-macro” swing trade.

ADA/BTC Daily Chart

Image Credit: Glassnode, Shutterstock

Leave a Reply

Your email address will not be published. Required fields are marked *