HomeMarket News The Rise of Altcoins Amidst Bitcoin's All-Time High

The Rise of Altcoins Amidst Bitcoin’s All-Time High

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Bitcoin has achieved an incredible feat – surging to an all-time high this week and briefly surpassing $70,000. While some may interpret this milestone as a signal to sell off cryptocurrencies, we offer a different perspective.

The Crypto Market Unveiled

In the ongoing crypto surge, Bitcoin has been the vanguard. Its dominance, measuring its value against the total crypto market, has consistently risen as Bitcoin climbed past $20K, $30K, $40K, $50K, $60K, and now $70K. However, a fascinating shift occurred this past week.

The dominance of Bitcoin took a notable dip as meme coins like FLOKI, Shiba Inu, Pepe, and dogwifhat surged by over 100% within days. This week, Bitcoin dominance plummeted from 55% to 53%, marking one of the most substantial weekly declines in the past year, despite Bitcoin’s rise. This drop signifies a healthy expansion of the crypto rally.

A graph showing the growth of the stock market

This shift towards altcoins is further highlighted by the outstanding performance of the MarketVector Digital Assets 100 Small-Cap Index, which outpaced Bitcoin significantly this week. This reversal of fortunes indicates a robust diversification within the crypto market.

Deciphering the Signs

The upward trajectory of altcoins relative to Bitcoin is apparent. With Bitcoin hitting an all-time high, smaller cryptos are now stepping into the limelight. This transition signifies a promising signal for potential surges in certain altcoins in the coming months.

Despite Bitcoin reaching its 2021 peak this past week, many major altcoins remain far below their previous highs. Ethereum trails by about 30%, Tron and Binance by 40%, Solana by 50%, Polygon by 65%, Uni and Avax by 70%, and Dogecoin, XRP, and Litecoin by 80%. Altcoins are poised for substantial gains to regain their previous highs.

A graph of a bar chart

Much like Bitcoin, we anticipate that numerous altcoins will follow suit and reach new record highs during the latter half of this Fourth Crypto Boom Cycle. This foresight paints a promising picture of significant growth for altcoins in the next year.

Our fundamental belief is that altcoins are on the cusp of a powerful upward trend over the upcoming months. It’s why we embarked on an altcoin acquisition spree recently.

The Verdict

In our premium crypto research service, one of the cryptocurrencies we recommended has already surged by over 155% within a week, while another climbed by 100% in just a month. The altcoins in our portfolio are currently thriving, hinting at a bright future ahead.

We are convinced that this is just the beginning of their success story – they are not done yet; they are just getting started.

Interested in exploring more about our premium crypto research service and discovering the best cryptocurrencies to invest in right now? Click here to learn more.

On the date of publication, Luke Lango did not hold any positions in the securities discussed in this article. Stay updated with Luke’s latest market analyses by reading our Daily Notes on your Innovation Investor or Early Stage Investor subscriber site.

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