Altcoin Season 2021 Starts With Strong Rally As BTC Stalls At $31K

The altcoin season 2021 has just started with strong and double-digit gains for most alternative coins while Bitcoin stalls at $31,000 as we can see in today’s altcoin news.

Ethereum surging above $1000 inspired Binance Coin and Polkadot to record all-time highs which eventually reduced Bitcoin’s dominance by 5% in one day. In a few days of BTC marching ahead, most altcoins trailed behind however everything changed in the past 24hours as most alternative coins made double-digit gains and decreased bitcoin’s dominance while the market cap surged to over $900 billion.

During the past few days, most altcoins failed to copy Bitcoin’s performance and as a result, Bitcoin’s dominance over the market surged to about 73% but this metric dropped by 5% in the past day after the latest market developments. Ethereum led to an early 2021 surge with a 40% increase and the coin blasted above $1000 and reached its highest price tag in three years at over $1150. Bitcoin Cash added about 25% and hit $445 while Cardano increased by 31% to $0.23 with Chainlink increasing to 25% to $15. Litecoin also increased to a new yearly high of 4.
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Two other top coins painted all-time highs like Polkadot and Binance Coin. DOT reached a double-digit increase to $10.5 while BNB reached $44. Ripple increased by 15% on a 24-hour scale to $0.25 but XRP is still down by over 60% since December, after getting into a legal battle with the SEC. The altcoin season 2021 started with Ethereum Classic increasing 30%, OMG Network increased by 30%, Aave by 29%, VeChain by 28%, YFI by 28%, AMPL by 28.6%, UNI by 27%, and SwissBorg by 25%.

The cumulative market capitalization of all crypto assets charted a new record of about $910 billion which means a $150 billion increase was made at the start of the year. While the alternative coins expected some massive gains, BTC slowed down. The main cryptocurrency was on a roll over the past few days and broke down many milestones. After the latest all-time high of $35,000, the asset took a step back and retraced with a few thousand dollars and it is now trading near $31,000. The technical indicators suggested that these support levels of $32,700 and the $32,000 will assist in a case of retracement but the resistance lines alternatively stay put at $34,000, $34,615, and the ATH of $34,800.