Altsaison? Top altcoins have risen sharply since February
The recent increase in Bitcoin to over 10. 000 dollars seems to have triggered a strong upward wave as many altcoins have seen massive increases.
The market situation is clearly evident when you look at the big altcoins like Tezos, which were able to post irrational profits without any kind of important fundamental or technical catalysts that would have driven the movement.
In addition, this ongoing “old season” appears to be in its early stages as data shows that most major cryptos have only started outperforming Bitcoin earlier this month.
The old season begins when the big cryptos begin with parabolic phases
Although the bear market in the years 2018 and 2019 Many investors led to the assumption that smaller cryptocurrencies would never experience massive momentum, have revived the mood among investors in recent weeks.
Bitcoin – which has firmly led the aggregate crypto market – now seems to have firmly established itself in the lower five-digit price range and its stability currently makes investors feel more comfortable taking positions within the large altcoins .
Currently, practically all major altcoins are trading within the last 24 hours clearly upwards, as XRP was able to increase by 10) , while Ethereum also posted a steep increase. Big Cheds, a top cryptocurrency analyst on Twitter, spoke in a recent tweet about Tezos' insane rally, while hinting at a graph showing the importance of the parabolic uptrend.
$ XTZ Tezos Daily – Going nuts, up more than 10% from 3 hours ago https://t.co/tE8EdBDXSh pic.twitter.com/ZFhNPABecV
– Big Cheds (@BigCheds) February 12, 2020
“Old season” is just the beginning
Even if the massive upward trend that was observed during the year 2020, some crypto If investors believe that they have missed their chance of a highly profitable entry, it is important to point out that the firm outperformance of altcoins at Bitcoin has really only begun in the past few days.
MoonOverlord, a prominent crypto analyst on Twitter, explained this in a recent tweet and provided a graph showing the profits of major cryptocurrencies over February.
$ ALT returns since the start of February
What season is it? pic.twitter.com/SWra4kNSV9
– moon (@MoonOverlord) February 12, 2020
The coming weeks should provide information as to whether the ongoing bull market is only temporary or whether it will mark the beginning of a macroeconomic upward trend.
Proof of text: newsbtc