Alt-Season 2021: Altcoins Rally Almost $40 Billion As BTC Stalls At $33K.

After a few days of BTC marching forwards and the altcoins trailing behind, the situation has changed entirely in the past 24 hours. Massive double-digit gains for most alternative coins have decreased BTC’s dominance to 68%, while the market cap has skyrocketed to over $900 billion.

Sea Of Double-Digit Pumps In The Altcoin Market

During the past several days, most altcoins failed to mimic bitcoin’s impressive performance. As a result, BTC’s dominance over the market surged to about 73% at one point. However, this metric has dropped by 5% in the past 24 hours, following the latest developments.

Ethereum has led the early 2021 altcoin surge with a massive 40% increase. ETH has blasted through $1,000 and reached its highest price tag in nearly three years at over $1,150.

Bitcoin Cash has added 25% to $445, Cardano (31%) to $0.23, Chainlink (25%) to $15, and Litecoin (21%) to a new yearly high of $174. Two top-ten coins have painted new all-time highs – Polkadot and Binance Coin. BNB reached $44, while DOT saw a double-digit price tag at $10.5.

Ripple has increased by 15% on a 24-hour scale to $0.25. Nevertheless, XRP is still down by over 60% since mid-December.

Alt-Season 2021: Altcoins Rally Almost $40 Billion As BTC Stalls At $33K.
Cryptocurrency Market Overview. Source: Quantify Crypto

Ethereum Classic (30%), OMG Network (30%), Aave (29%), VeChain (28%), Yearn.Finance (28%), Ampleforth (28%), Uniswap (27%), SwissBorg (25%) are a few more representatives of the double-digit price increase club.

Overall, the cumulative market capitalization of all cryptocurrencies has charted a new record of nearly $910 billion. This means a $150 billion increase since the start of 2021.

Crypto Market Cap. Source: CoinMarketCap
Crypto Market Cap. Source: CoinMarketCap

Bitcoin Stalls Around $33K

And while the alternative coins experience remarkable gains, BTC has slowed down. The primary cryptocurrency has been on a roll in the past several days, breaking down milestone after milestone.

After the latest all-time high of almost $35,000, the asset calmed and retraced with a few thousand dollars. As of writing these lines, bitcoin trades below $33,000.

The technical indicators suggest that the support levels at $32,700, $32,000, and $31,400 would assist in case of another retracement. Alternative, the resistance lines at $34,000, $34,615, and the ATH at $34,800 are the first obstacles if BTC returns to its bull run.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingViewTitle: Alt-Season 2021: Altcoins Rally Almost $40 Billion As BTC Stalls At $33K
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Published Date: Mon, 04 Jan 2021 09:31:32 +0000

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Glenn Orth

Cryptocurreny News and Business Stories My Name is Glenn Orth and I am also the main source from the ‘’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 5 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.