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Analyst: Watch Which Altcoins Hold Against Bitcoin For Surprising Springboard Recovery

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news, Ethereum, Ripple
Reading Time: 2 mins read
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The top two crypto asset by market cap Bitcoin and Ethereum pumping so hard has left the rest of the crypto market in its dust. Even DeFi tokens that had once been hot to trot have plummeted in the wake of this week’s rally.

But one crypto analyst claims its wise to pay close attention right now to how certain altcoins hold up to the rally in majors, as they may be the top-performing assets once the top two titans cool off.

Bitcoin, Ethereum, and XRP Break Out, Crushing Small-Cap Altcoins In Their Wake

Bitcoin and altcoins have an unusual relationship. Occasionally, the assets all rise together in the same tide, while other times they show an inverse relationship.

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When major crypto assets all rally together, it can often be disastrous for riskier, smaller-cap, and mid-cap altcoins. That’s exactly what happened this week when Bitcoin, Ethereum, and XRP began soaring.

Bitcoin broke above $10,000 and is trading well above $11,000, and Ethereum rallied by almost 50% in a week.

Related Reading | Analyst: Bitcoin’s 20% Surge Ruptured DeFi Boom, Projects Dive 20% or More

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XRP, which has been the crypto market’s worst performer two years running, is primed for a major rally and kicked it off with an over 13% return on the week. It even helped the altcoin regain the third-ranked spot in the top ten crypto assets by market cap from stablecoin Tether.

Together, these top three crypto assets absorbed a substantial amount of capital from the rest of the crypto market, fueling the pump. New money also came in, as investors flocked to hard assets like precious metals and crypto as a hedge against inflation.

While Bitcoin and $ETH enjoy their rallies…

Watch which Altcoins are holding up the best, despite money flowing back to $BTC and Large Caps

Those Altcoins are the ones that will springboard the strongest once money flows back into Mid- and Low-Caps#Bitcoin

— Rekt Capital (@rektcapital) July 31, 2020

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Analyst: Altcoins Holding Up During Major Crypto Rally Highlight Most Promising Projects

Which altcoins hold up well against Bitcoin and Ethereum during the next few weeks, especially small-cap altcoins, will be the best performers in the new bull market, according to one crypto analyst.

The analyst claims that any altcoins that show exceptional strength and hold their valuations well while majors rally, will be the most likely assets to “springboard” back when Bitcoin, Ethereum, and XRP cool down.

Related Reading | Crypto Analyst Pitches a Case For XRP to Hit $30 By End of 2021

Any small or mid-cap altcoins holding strong against a massive rally in majors will be due to their holders seeing the true, long-term value in the projects or coins. This typically indicates that there’s real merit in the cryptocurrency, and are the likeliest to rise when the full bull market begins.

For example, Ethereum and XRP were once far less than their current valuations, and the initial Bitcoin boom helped propel these assets into the finance industry limelight.

They’ve since become top contenders of their own. And when they do finally pause their current momentum, the next round of top contenders will begin to stand out from the pack.

Tags: altcoinsbitcoinbtcbtcusdBTCUSDTcryptoetbtcethereumethusdETHUSDTxbtxbtusdxrpbtXRPUSDxrpusdt
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. 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 at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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