This is the first time that altcoins have shown any signs of follow-up in Bitcoin’s steps, when the benchmark cryptocurrency has been sucking all the air out of the economy for the last several days.
According to Newsbtc.com, today’s altcoin market rally was likely fueled by Ethereum catching an impulse wave that sent it higher.
After a long time of sideways trade, ETH was eventually able to gain momentum a few days ago when reports about the upcoming release of the 2.0 network update broke.
This news sent its price from $380 to $410, where before finding any traction, it stopped and stabilized for a day or two. Meanwhile, Bitcoin rocketed to new $16,000 post-2017 highs. Altcoins are starting to show signs of developing bottoms now that Ethereum has secured some ground against BTC after its intense rally to $450 overnight.
One investor is now figuring out how he predicts the next so-called “altseason” to proceed, stating that BTC is expected to see a swift rally that creates a “blow-off top,” with profits then spilling into the altcoin market.