Bitcoin’s recent push above $10,000 appears to have ignited a full out bull market, with many altcoins clocking massive gains as they begin seeing parabolic gains that are emblematic of those seen in the early stages of the 2017 crypto bull run.
The state of the market is clearly seen while looking towards major altcoins like Tezos, which has been able to post irrational gains without there being any sort of major fundamental or technical catalysts driving the movement.
Furthermore, it does appear that this ongoing “altseason” is still in its early stages, as data shows that most major cryptos just started outperforming Bitcoin earlier this month, meaning that there is significantly further room to rally.
Altseason Kicks Off as Major Cryptos Begin Seeing Parabolic Rallies
Although the bear market seen throughout 2018 and 2019 led many investors to believe that smaller cryptocurrencies would never see any massive momentum, the past couple of weeks have revitalized the sentiment amongst investors.
Bitcoin – which has been firmly guiding the aggregated crypto market – now appears to have established a firm foothold within the lower-five figure price region, and its overt stability at the moment is leading investors to grow more comfortable entering positions within major altcoins.
Currently, virtually all major altcoins are trading up significantly over a 24-hour period, with XRP rallying 8%, while Ethereum has posted a whopping 13% climb.
The current market leader, however, is Tezos, which has rallied 24% today and is showing no signs of slowing down anytime soon.
Big Cheds, a top cryptocurrency analyst on Twitter, spoke about Tezos’s insane rally in a recent tweet, while pointing to a chart that shows the significance of its parabolic uptrend.
“XTZ Tezos Daily – Going nuts, up more than 10% from 3 hours ago,” he explained.
$XTZ Tezos Daily – Going nuts, up more than 10% from 3 hours ago https://t.co/tE8EdBDXSh pic.twitter.com/ZFhNPABecV
— Cheds (Trading Quotes) (@BigCheds) February 12, 2020
“Altseason” is Just Getting Started
Although the massive uptrend seen throughout 2020 may lead some crypto investors to believe that they have missed their shot at having a highly profitable entry, it is important to note that altcoins’ firm outperformance of Bitcoin really only started in the past few days.
MoonOverlord, a prominent cryptocurrency analyst on Twitter, elucidated this in a recent tweet, pointing to a graph showing the gains seen by major cryptocurrencies throughout February.
“ALT returns since the start of February. What season is it?”
https://twitter.com/MoonOverlord/status/1227667357402894337
The coming few weeks should provide insight into whether or not the ongoing bull market is fleeting, or if it will mark the start of a macro uptrend.
Featured image from Shutterstock.