Bitcoin has been on a monster bullish rally since the start of November 2020 and although the rest of the cryptocurrencies seemed to lag behind, they have also gathered the momentum. Could we be experiencing a repeat of 2017 in 2021?
Last week which marked the end of 2020 and the beginning of 2021 saw cryptocurrency prices rise as Bitcoin (BTC) hit its all-time high of $34,600 per coin after registering a 23.38% raise.
While Bitcoin (BTC) stole the show for the better part of the ending of 2020, Altcoins seemed to step out of BTC shadow last week with Ethereum (ETH) leading the way with a 50.99% rise to currently (5th of January 2021) trade at slightly over $1,070 which is only about $300 shy its all-time high of $1,392. And while Bitcoin’s bubble seems to be heading for a burst, the Altcoins have just started their bullish rally and we could see a couple of them smash their all-time highs if all factors hold steady.
Some Altcoins like Ripple (XRP) have been going through tough times in the past few weeks after SEC sued it causing several exchanges to remove it from their trading portfolios. There was however a new tide last week which saw XRP price rise by 28.66%.
Bitcoin market volatility
After the Bitcoin market price skyrocketed by over 850%, there are fears that the bubble may burst and the market volatility is very high. On the 4th of January 2021, Bitcoin took a sharp drop to trade below $30,000 and this came after it had hit its all-time high of $34,600.
There are allegations that the sharp drop in Bitcoin prices was related to an incident on Monday just before the crash where an anonymous trader transferred 9,156 BTC worth almost $300 million.
Bitcoin prices seem to be rapidly recovering from the crash. It has risen by 5.17% in the last 24 hours from the day of the crash to currently trading above $32,400.
Altcoins that made major bullish strides
Ethereum (ETH), which is the most popular Altcoin registered a gain of 50.99% while others like Polkadot (DOT), which is ranked number 6 in terms of market capitalization registered a gain of 56.40% after Binance announced that it would be funding the project.
Litecoin (LTC) registered a gain of 28.70%, while Cardano (ADA) registered a gain of 42.01%.
Dogecoin was one of the Altcoins that registered the largest gain since it rose by 123.89% after the SpaceX billionaire, Elon Musk, and the adult star, Angela White tweeted about it.
Top ten weekly gainers and losers
Though a good number of Altcoins have made huge gains in the last week, the losers outnumbered the gainers courtesy of SEC’s lawsuit against one of them, XRP.