Altcoin Rally Accelerates as Bitcoin Breaks Above $81,000
The cryptocurrency market saw a significant surge in value yesterday, with the total market cap reaching $2.8 trillion, up 3.9% over the past 24 hours.
Bitcoin led the charge, breaking above $81,000 and triggering roughly $140 million in short liquidations within 60 minutes.
However, altcoins outpaced Bitcoin's gains, with Zcash surging 17.7% to $943.48 on $750M volume, XRP jumping 10% to $1.46, and Cardano rallying 12.7% to $0.2227.
Crypto trader Michaël van de Poppe pointed out that when Bitcoin stalls within a range, momentum tends to rotate into altcoins, and the longer that range holds, the stronger altcoin outperformance tends to get.
Experts also noted that the 'OTHERS' category of altcoins, excluding Bitcoin and Ethereum, is on the verge of breaking out of a large bullish pattern, indicating an early sign that the altseason is just getting started.