Altcoins are enjoying some time in the sun as bitcoin treads water

Bitcoin has been going sideways for several weeks now, months actually, and the longer the goes on the better it will be for altcoins.

Altcoins have historically done well during periods of time when bitcoin is relatively stable.

If bitcoin shoots up, altcoins either lag or suffer and if bitcoin falls off a cliff, altcoins often drop even more.

However, when the bitcoin market is just right, not too hot and not too cold, altcoins tend to shine.

I like to call it the Goldilocks market!

Here's a recent chart of the total crypto market:

(Source: https://cointelegraph.com/news/bitcoin-price-ready-for-10k-retest-as-algorand-tezos-continue-surge)

As you can see, the chart looks pretty good with prices hanging in there, possibly looking like they are ready to make a push higher.

This is all happening while bitcoin has been relatively weak over the last couple months.

The bitcoin chart shows that bitcoin has been consolidating as well but is near the lower end of its range as opposed to the upper end of the range like the total crypto market.

Check it out:

(Source: https://cointelegraph.com/news/bitcoin-price-ready-for-10k-retest-as-algorand-tezos-continue-surge)

Considering that bitcoin is far and away the most valuable crypto asset, this shows that all other cryptos not named bitcoin must be doing very well to be holding the market up like they are.

They are!

Over the last week we have seen tremendous returns in a number of popular altcoins.

Some returning upwards of 50%!

Check it out:

(Source: https://cointelegraph.com/news/new-altseason-visualized-top-10-cryptos-outperforming-bitcoin)

As long as bitcoin continues its sideways action, I suspect these big returns in altcoins will continue.

Looking at the chart above on bitcoin I don't see any reason for the altseason to end any time soon.

I could see bitcoin going sideways for several more weeks and possibly months before a conclusion of the consolidation.

There are no guarantees of course as bitcoin could break down or break up tomorrow, but based on the way it has been trading as of late, we might see some cover for a healthy altseason in the short term.

Hopefully HIVE goes along for the ride!

Stay informed my friends.

-Doc

Posted Using LeoFinance