The breakout also caused the total crypto market cap sans Bitcoin to rise from $50 billion to over $77 billion, resulting in 50% growth within a 30 day period. With such astronomical gains, are investors ready to take profits, causing a pullback across the crypto market?
Altcoin Bulls Push Forward to 50% Gains, But Bears Await a Deep Crypto Correction
All this week, altcoins across the top ten cryptocurrencies by market cap and deeper on the list, have been exploding through downtrend resistance and going on massive rallies.
The increased bullishness is on the heels of Bitcoin potentially bottoming this past December once again. On December 17, the leading cryptocurrency by market cap touched a low of $6400 forming the head of a sizable inverse head and shoulders pattern. The pattern later confirmed, and push the price of Bitcoin all the way to $9,000 as the high as of the time of this writing, but the cryptocurrency could push higher given how strong the momentum appears to be.
Related Reading | Ready for Liftoff: Altcoin Market Cap Breaks Out of Downtrend
Bitcoin‘s bullish momentum also caused surges in Ethereum, Litecoin, Ripple, and many other top cryptocurrencies. Even Bitcoin forks Bitcoin SV, Bitcoin Cash, Gold, and Diamond all went on a tear.
The clean break of downtrend resistance on the total altcoin market cap – a weighted aggregate of all cryptocurrencies sans Bitcoin – has caused the crypto market to catch fire, with dozens of assets going on rallies of 50% of higher.
$BTC pumped nearly 40% in the last 30 days.
Are you taking any profits here?
— The Crypto Dog