After a couple of absent days, Bitcoin bulls are back, and they are not taking it easy on bears. They have taken charge of the market and their dominance can be felt on virtually all top cryptocurrencies. Bitcoin has seen an increase of more than 3% from yesterday to see it smash past the $9,500 position.
Its performance has however been overshadowed by that of BCH and BSV which have all seen double-digit gains in the last couple of hours.
Altcoins Outperform Bitcoin: Altseason?
The market is very bullish and there is no evidence that bears will be interrupting this in the short term. For Bitcoin, it is looking to break past the $9,600 resistance before extending its rally.
An accumulation phase in its previous bear phase (9,200) in the last couple of days means that the asset is well supported and the bulls are clear to break above having shaken out the bears.
A couple of altcoins continue to outperform Bitcoin chief among which is Ethereum. The largest altcoin by market cap has just hit $200. This follows a more than 5% rally in the last 24 hours. Its recent rally has been fueled by the launch of Ethereum 2.0 in the near future.
Even performing better than Ethereum in the last 24 hours are BCH and BSV. These top-four coins have all posted gains of more than 10% in the last 24 hours. So, are we finally seeing the return of the altseason?
Many believe so including top analyst Mati Greenspan.
— Mati Greenspan [tweets are not trading advice] (@MatiGreenspan) February 5, 2020
If this is the case, the gains are not over. In the coming weeks, we will continue to see higher positions being broken. Most altcoins are at current levels trading 80% below all-time highs meaning there is still a long way to go before we can see previous highs. Does this Spell doom for Bitcoin?
The previous all season, at the start of 2019, came at the expense of Bitcoin. The market leader was posting negative returns while altcoins soared mainly because of investors moving money away from it. This time it is unlikely to be the same.
The digital asset is looking potent as it enjoys a market dominance of more than 65%. Additionally, its demand remains high as investors look forward to the block reward halving.