Market Watch: Altcoins To Watch Out This Week; Will BTC Continue Its Recovery Rally

Bitcoin (BTC) has been referred to as the king of the cryptocurrency as all other tokens follow its lead. Last week, has been kind of full of mixed sentiments for BTC as it traded in a price range of $45,800 to $47,400. Usually, Altcoins also decline to comply with BTC but this week has been different.

Is crypto market under the Altseason?

Cryptocurrencies like STEPN (GMT), Zilliqa (ZIL), Aave (AAVE) and Waves (WAVES) have managed to rise by more than 40% despite Bitcoin declining by over 2% in the past 7 days. According to Santiment, crypto enthusiasts’ calls for altseason are huge are and it can be depicted by the data provided.

STEPN has been the winner of last week as its price skyrocketed by over 200%. ZIL managed to gain around 52%, while WAVES and AAVE surged by 45% and 42% in the last 7 days respectively.

Meanwhile, the Glassnode has reported that Bitcoin exchange outflow volume has hit a rate of 96.2k BTC per month. It also mentioned that such large-scale exchange has also been reported earlier, however, most of them occurred after March 12, 2020, only.

In the last 30 days, BTC has risen by over 17% amid multiple geopolitical issues and sentiments. On the other hand, GTM’s price has gone up by a whopping 1400%. ZIL has jumped by 293%, while Waves and Aave also increased by 144% and 90% respectively.

BTC held for 1+yr approaching ATH

According to a report published by Glassnode, the coin supply of BTC held for more than 1 year is approaching its all-time high. Token gathered in the first quarter of 2021 bull run still remain unspent with the holders.

This shows that BTC holders are standing strong with the coin amid macro and geopolitical headwinds. The long-term holders are holding a huge amount of supply of BTC bought above $45,000. The report mentions that these investors are yet to sell suggesting strong sentiment persists.