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Home Cryptocurrency news

Global Altcoin Breakout Could Usher Return of Alt Season Crypto Riches

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin, Ethereum, Litecoin, Ripple
Reading Time: 3min read
altcoins bitcoin crypto alt season altcoin xrp ethereum ripple litecoin
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The altcoin market has been ablaze all 2020 thus far, after the total crypto market and many individual altcoins broke out from downtrend resistance and went on massive rallies.

Next, altcoins are preparing a global breakout of major, horizontal resistance, which if holds could lead to a return of alt season and richest beyond investor’s wildest imaginations.

Altcoin Market Prepares For Break Above Critical Overhead Resistance

Across the top ten cryptocurrencies by market cap, altcoins have been exploding in value, with some gaining over 400% during their recent local rallies. Ethereum, Litecoin, and even XRP are now through their diagonal downtrend lines.

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Related Reading | Altcoin Market Preparing Shocking Disbelief Rally According to Wall Street Cheat Sheet 

The collective bullish price action across the altcoin space, is causing the total altcoin market to contest with horizontal, overhead resistance – potentially the last remaining hurdle before a new bull market is in full effect.

$ALTS Breaking out, globally. Just want to see a few days above 90B for confirmation.

Then it will be 24/7 charting madness and crazy times again.
You ready? pic.twitter.com/25y0S6BaSI

— Trading Tank (@TradingTank) February 3, 2020

According to one crypto analyst, if the altcoin market cap breaks out and holds above $90 billion USD for a few daily candle closes, the market will be primed for additional, powerful upside in the coming months ahead.

It’s revived discussion across the crypto community about an “alt season” coming “soon.”

Alt seasons are often short, yet explosive periods of time where altcoins outperform Bitcoin by a significant margin and often go on rallies that result in over a few thousand percent gains.

altseason soon. that's the tweet?

— CRYPTO₿IRB (@crypto_birb) February 2, 2020

History Repeats: Is Alt Season Finally Upon the Crypto Market?

The idea of alt season has turned itself into a meme after each time it was mentioned throughout 2019, it almost immediately led to a deep selloff in altcoins.

Before the breakout occurred, the bottoming pattern according to another analyst claimed appeared to resemble early Bitcoin price charts, suggesting that “life-changing wealth” could be ahead for altcoin investors.

If an alt season does occur, that’s exactly what will happen if history repeats itself.

Altcoins have been pumping like crazy as of late

But this is nothing compared to the euphoria and FOMO that has yet to come

In 2017, it took Litecoin only 5 days to rally from $96 to $420

The euphoria stages of a bull market come at you fast

Be prepared$BTC #Bitcoin #Crypto

— Rekt Capital (@rektcapital) February 2, 2020

During previous alt seasons, Litecoin rallied from $96 to $420 in just five total days. This amounts to a 337% increase.

In roughly the same amount of time, XRP rallied from 16 cents apiece to as much as $3.50 per XRP token, resulting in an over 2,000% gain for Ripple investors.

Ethereum during this time rallied from $300 to $1,400 per ETH. A year earlier each ETH token was just $5.

It wasn’t uncommon to see such incredible returns on investments. It was this buying frenzy that caused the crypto hype bubble in late 2017 – a bubble that popped and caused much of the astronomical gains to be completely erased.

Related Reading | 10 Factors Confirm a New Crypto Bull Market Has Officially Begun

Although altcoins are pumping “crazy as of late” like analysts are claiming, their primary use remains little more than speculation. So the next time your altcoin portfolio reaches gains of 1000% or more, remember to consider taking some profit this time around – because there’s always a chance what goes up, comes back down.

Tags: altcoinsbitcoincryptoethereumLitecoinxrp
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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