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Altcoins Join The Crypto-Bulls’ Bandwagon
The price of pioneer cryptocurrency (Bitcoin) has surged commendably in the recent past, with the resounding rallies of about 63% since December and 42% in 2020 have surpassed through the psychologically significant $10k mark, The confirmation in the prevailing bullish sentiment has bolstered the entire crypto markets and has laid down the strong foundation for bulls to start 2020.
While bitcoin (BTC) is up by over 42% year-to-date, renowned altcoins namely, ethereum (ETH), ripple (XRP), and bitcoin cash (BCH) are up by 67%, 39%, and 110% respectively.
Technically, all these cryptos have shown strong the uptrend confirmation coupled with momentum indicators signalling the intensified buying momentum (refer above charts).
This indicates that an alt window must have opened, where altcoins are well equipped to gain against BTC for a short period of time.
With mounting interests in DeFi trend that is driven by ethereum, ETH has more lucrative prospects in the months to come.
While ripple (XRP) gains momentum banking on banking business, recently, XRP soars to hits 7-month highs above $0.33 levels owing to the recent partnership with National Bank of Egypt and targeting on remittance business in South America.
Bitcoin Cash (BCH) has made a buzz with a convincing beginning to the year with a stunning 160% rallies from a low of $170 more than two years ago, as the positive news like donations are now accepted by wikileaks are stimulating buying interests. While this altcoin (BCH) has captured more than 10% of darknet vendors in the previous, bitcoin.com reports.
Furthermore, the prevailing “altseason” looks to be luring and is still in its early phases of price cycle upon revolving constructive fundamental news around these cryptos, as data shows that most major cryptos just began outperforming Bitcoin earlier this month, this would imply that there is significantly further room to rally in the months to come.