Cryptocurrency
Here’s How Bitcoin’s Uptrend Will Likely Translate into the Next “Altseason”
Here’s How Bitcoin’s Uptrend Will Likely Translate into the Next “Altseason”: As reported on NewsBTC, “Altcoins have been rocketing higher today as Bitcoin consolidates. This is the first time that altcoins have shown any signs of following in Bitcoin’s footsteps, as the benchmark cryptocurrency has been sucking all the oxygen out of the market over […]
Here’s How Bitcoin’s Uptrend Will Likely Translate into the Next “Altseason”:
As reported on NewsBTC, “Altcoins have been rocketing higher today as Bitcoin consolidates. This is the first time that altcoins have shown any signs of following in Bitcoin’s footsteps, as the benchmark cryptocurrency has been sucking all the oxygen out of the market over the past few days.
Today’s altcoin market rally was likely spurred by Ethereum catching an impulse wave that sent it rocketing higher.
Following a prolonged period of sideways trading, ETH was finally able to gain momentum a couple of days ago when news regarding the imminent release of the 2.0 network upgrade broke.
This news sent its price from $380 to $410, where it stalled and consolidated for a day or so before gaining any momentum. Meanwhile, Bitcoin rocketed to fresh post-2017 highs of $16,000.
Now that Ethereum has gained some ground against BTC following its intense surge to $450 overnight, altcoins are beginning to show signs of forming bottoms.
One trader is now laying out how he expects the next so-called ‘altseason’ to unfold, stating that there will likely be one quick rally by BTC that creates a ‘blow-off top,’ with profits then spilling into the altcoin market…”