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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
bitcoin altcoins

Here’s What Will Happen To Altcoins Once Bitcoin Breaks $20,000

Tony Spilotro by Tony Spilotro
2 years ago
in BTC
Reading Time: 3 mins read
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Bitcoin price is less than a few hundred dollars away from setting a new all-time high. The closer the top-ranked cryptocurrency gets to its former peak, the more bullish altcoins respond.

One crypto analyst has shared a chart that shows what could happen to altcoins when Bitcoin finally does break its all-time high.

Ripple, Ethereum, Other Major Altcoins Rip As Bitcoin Approaches All-Time High

This week, Bitcoin broke above $19,000 and has very little resistance above it before a new all-time is set. Even today, by the time this is published a new record could be set and history made.

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The closer the top crypto asset by market cap gets to the former peak, the more altcoins have begun breaking out and going parabolic the same way Bitcoin has over the last several weeks.

Related Reading | Why Ripple Reclaimed the Third Spot From Crypto Stablecoin Tether

After retesting $10,000, the price per coin has nearly doubled. But just as the shocking rally approaches a climax either way – ending in a correction, a new peak, or both – the breakout in altcoins is nearly as stunning.

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Ripple over the last couple of weeks has rallied over 200%, more than tripling in value. Ethereum, Litecoin, Cardano, and other popular altcoins from the last crypto bubble have begun to bubble up once again.

The Next Record-Breaking Alt Season And Crypto Bubble Is Here

As sidelined spectators watch as a whole Bitcoin becomes priced out of reach for most investors, they turn their capital toward cheaper altcoins, that in the past have outperformed the number one cryptocurrency.

Bitcoin has over 150% year-to-date returns to show for this crazy year, while in the past two weeks alone Ripple has gained more than that much. Ethereum is up over 350% year-to-date, and the lower down the list by market cap, the gains increase.

Related Reading | Bitcoin And Dollar Dominance: Five Factors Behind The Current Altcoin Season

Looking at the last market cycle could suggest that this stage in the crypto market cycle is only just starting, and one analyst has supplied an example of what the next altcoin season could look like once Bitcoin does breach all-time high.

After Bitcoin set a new peak, the total altcoin market cap took off, BTC dominance nosedived, and incredible wealth was generated as these illiquid assets soared.

bitcoin altcoins season

When Bitcoin approaches and breaks its all-time high, an altcoin buying frenzy takes place | Source: CRYPTOCAP-TOTAL2 on TradingView.com

With the dollar nearing a death spiral, crypto absorbing gold’s capital, and the stock market about to tank, this bull market and bubble could make the last one look like nothing more than a bit of fizzle before the upcoming explosion.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: altcoinsbitcoinbtcbtc dominancebtcusdBTCUSDTcryptoETHethbtcethusdETHUSDTxbtxbtudsdxrpXRPBTCXRPUSDxrpusdt
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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