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When Bitcoin started a recovery in January, it hit new all-time highs and stayed stable in the $30,000 range for a long time. Longhash data at the time revealed that 92 percent of crypto tokens had “outperformed Bitcoin” in a week. The phenomenon signalling the start of a ‘alt season,’ with many analysts forecasting that alts like Ether and ADA will continue to reign supreme.
Bitcoin rapidly outperformed the alts after attracting popular recognition and growing its market capitalisation by trillions of dollars. However, trader and analyst ‘Filbfilb’ (co-founder of Decentrader) has now declared that a second alt season has begun. On March 29, the analyst tweeted his results, which showed:
The new “alt season,” as seen earlier in January, continues after yet another major Bitcoin price reversal. Bitcoin has lost nearly $10,000 in the last two weeks since its record-breaking ATH of more than $61,000. Furthermore, bitcoin supremacy has diminished and is now at 59.39 percent as of March 29. This will be the lowest level of the previous three months. Meanwhile, the overall market capitalisation of altcoins has risen to almost 750 billion dollars.
When Ether was up 22 percent versus BTC at the start of 2021, many believed that the biggest alt, in fact, has the ability to compete with Bitcoin.
A similar narrative has arisen in parallel with the current altcoin rally, especially after Ethereum started to gain mainstream acceptance.
Meitu, a Chinese technology firm, had previously agreed to buy 15,000 units of Ether. Recently, payments network behemoth Visa agreed to resolve USDC transfers over the Ethereum network today. Such innovations could boost retail interest in Ether, which is still on the rise.
The same can be said about Cardano’s ADA, which recently surpassed many other altcoins to become the third-largest cryptocurrency by market capitalisation. The coin was quickly replaced by BNB, which increased by 2131 percent over the course of the year, defining itself as another increasing alt. Meanwhile, crypto traders continue to be bullish on alts, especially Ether, as analyst Scott Melker stated:
Altcoins look great.
— The Wolf Of All Streets (@scottmelker) March 29, 2021
In the past, analysts such as Fundstrat’s David Grider estimated that Ether was on the way to $10,500. However, as Longhash previously said, “the market cap of Ethereum” or some other altcoin “could quadruple and it will still trail Bitcoin.”
At press time, BTC was trading at $57,738.62, a 5% increase in price in the previous 24 hours.
In the past, the likes of Fundstrat’s David Grider predicted that Ether could well be on its way to reaching $10,500. However, as Longhash previously noted, “Ether’s market cap” or any other alt for that matter “could quadruple and it would still be behind Bitcoin.”
At press time, BTC was trading at $57,738.62 with a 5% hike in price in the past 24 hours.