Much more than Bitcoin, the rest of cryptocurrencies are providing significant gains in 2021.
Some cryptocurrencies have gone up by more than 27,000%. Others, such as Binance Coin (BNB), appreciated more than 2,000% and were among the largest crypto assets in the market.
According to the popular cryptocurrency trader Rekt Capital, these returns are just the beginning. According to him, if the market repeats the movements of 2017, the rise of altcoins will be even greater.
Market value of altcoins may skyrocket
In a tweet published on Monday (3), the trader noted that in early 2017, the market value of altcoins converted their previous bullish cycle (in 2013) into support.
Since then, the total market value of altcoins has increased by 27,623%. In this sense, Rekt Capital suggested that, although almost unimaginable, the same thing could happen by the end of 2021.
After all, in the last two months alone, the altcoin market value has risen 119% after reaching the same peak of 2017.
“This is just the beginning,” he said.
Altcoins
The trader’s optimistic forecasts appear at a time when Ethereum has registered a new high, surpassing the $ 3,000.
In addition, Bitcoin’s dominance in the crypto market is decreasing as altcoins rise and reach new heights such as BNB, Unisawap and other decentralized finance tokens (DeFi).
As a result, many other high-value altcoins have also outperformed Bitcoin in terms of weekly earnings. In parallel, analysts are predicting that new highs should be registered by other crypto.
On the other hand, in defense of BTC, analyst Scott Melker said that he prefers to evaluate the scenario looking at the long term. That’s because, according to him, bad candles are followed by highs:
“There were some weekly ‘bad’ candles on the Bitcoin chart last year. Each was followed by a bullish move to new highs. ”
Read also: Understand the bad reputation of May in the financial market
Also read: eBay can accept Bitcoin as payment, says company CEO
Read also: Trader who spiked Bitcoin price recommends 5 cryptocurrencies for May