Btcd coin blockchain

As we can see from the chart Merten’s highlighting, altcoins have spent recent weeks forming a wedge in which its been threatening to break out from.

However, is altcoin season really upon us? Or will Bitcoin’s price rallies draw too much investor interest away from lower cap coins?

Preparing For Alt-Season Takeoff

History suggests that altcoins may be set for takeoff as Bitcoin achieves record-high prices. Notably, in the past two bull cycles where Bitcoin has breached its all-time high, altcoins have typically rallied in its wake. For instance, Litecoin made a famous breakout in 2014 once Bitcoin had launched above its old high of $250. LTC hit highs close to $50 during this timeframe, while BTC rocketed to $1,200.

Notability, both Ethereum and Ripple also rallied after Bitcoin’s halving event in 2016. This sparked a surge towards an all-time high of $1,420 for Ether in early 2018, many weeks after BTC peaked at its new all-time high in late 2017. Following suit, XRP reached its all-time high of $3.34.

If history were to repeat itself, altcoins could be set for a series of hefty runs towards brand new all-time highs. These movements could be made all the more plausible with the arrival of PayPal accommodation for cryptocurrencies, making it easier to exchange Bitcoin and other altcoins, which is opening the doors to more adoption alongside the development of more secure and trustworthy exchanges compared to the earlier crypto rallies of the past decade.

With Bitcoin dominance dipping before a recent recovery, it may indicate that altcoins may be readying themselves for larger investment. However, with Bitcoin’s market dominance leaping 2% in mid-December, there’s still some work to be done before history repeats itself again.