Over last few weeks, a lot of Altcoin has generated a solid profit. Some low cap coins have made even thousands of percent, some midcap “only” hundreds. Noah Coin (173) did 150% last week, Kin (84) did 100%, Crypto.com Chain (24) 92%, KuCoin Shares (63) 52%.
Are we out of a bear market?
Probably not, for Bitcoin as the main player we are still in the downtrend. Now, specifically in the short term, moving to the side, but some significant growth cannot be said. After $4000 resistance, there are still next levels $4200 and $4400. Unless we will cross 200 day Moving average, we are still with bears. Right now 200 D MA is at $ 4800 and falling, so it might be even earlier than August, which stated Tom Lee from Fundstrat.
Are we having an altcoin rally?
It seems like we are in one. Check out the market capitalization chart, over the past month the altcoins are growing. At the same time, Bitcoin dominance is declining. Boring sideways and no-trade zone for most traders has made altcoins the only chance to earn some extra money at this time, so resources are poured into them.
What is the market sentiment?
We can check it by watching Fear & Greed index. We are still at higher levels, which may mean overheating followed by fall. We're just too greedy right now. But it doesn’t necessarily mean, it must drop right away.
Personally, I expect the next few days to move some of the high-cap cryptocurrencies that slept a bit over the past few days and weeks. XRP and EOS might move upward and starts their own rally. XRP is a momentum player and he can prove it once again as in the past. XLM is on the move up because it was already listed on Coinbase, but it might be too late to jump on that train.
Cardano is expecting some great fundaments in the short and mid-term, so be sure to have this bag filled. BNB is pumping before Celer being on Launchpad, after that, we might see some slight correction. Nothing rises without corrections, even BNB wouldn’t.