The crypto market is in a phase where altcoins from the previous rally, 2017’s bull market, are absolutely ripping faces off.
While Bitcoin is up 5% in the past 24 hours, there are a series of these altcoins that have gained dozens of percent over the past day. These include but are not limited to Verge, Status, Dash, XRP, Stellar Lumens, and many more.
Many have been caught off guard by this rally: a few days ago, the narrative was that DeFi cryptos such as YFI and AAVE would be the outperformers. But at this point, any coin that traders seem to recall from the 2017 rally are exploding higher.
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2017-Era Crypto Assets Explode Higher
In what seems to be somewhat of a coordinated move, all the most popular crypto assets from the 2017 rally are starting to move seriously higher.
If you look at data tracking sites such as CoinGecko or CoinMarketCap, you will be quick to notice that a majority of the top players in the top 100 are coins that once were popular in the 2017 bull run.
Coins such as Verge, Stellar Lumens, Dash, Status, XRP, Ravencoin, Siacoin, and others are up over 10% in the past 24 hours.
These are coins that largely underperformed through 2018 and 2019, and even earlier this year. The outperformance of these coins now appears to be related to a wider shift between DeFi cryptos and these old-guard cryptos.
All Eyes on Bitcoin
All eyes seem to be returning to Bitcoin, though, as the coin moves toward its previous all-time high price of $20,000.
Edward Cleps, a leading crypto asset trader, shared the image seen below amid the ongoing move higher. As he shows, he thinks that once BTC breaks decisively past $20,000, it will begin to suck all air out of the room and will rally without altcoins.
Altcoins if bitcoin goes past 20,000$ pic.twitter.com/XbhbmfzyGH
— yTedd (@TeddyCleps) November 24, 2020
The expectation that many have is that once Bitcoin breaks past $20,000, both retail and institutional participants are going to siphon all their capital into BTC as opposed to looking for other crypto plays in the short term.
Whether this means that altcoins will drop against the U.S. dollar or just against Bitcoin remains to be seen.