Dash and Verge followed XRP higher in the latest absurd crypto rally as the entire market is a phase where the altcoins from 2017’s bull market are skyrocketing higher as we are reading further in our latest dash news.
While Bitcoin is up by 5% in the past 24hours, there are a few of these altcoins that gained a few percent over the past day. Some of the coins include Dash and Verge but also Status and stellar Lumens and many more. Most of the altcoins were caught off guard by the rally since a few days ago the narrative was that most DeFi crypto assets like YFI and Aave will be outperforming the market. But the coin traders seem to recall from the 2017 rally are shooting higher.
In what seems to be somewhat of a coordinated market move, all the most popular crypto assets from the 2017 rally are now shooting higher. If you take a closer look at the data from CoinGecko, you will notice that most of the top players in the top 100 are coins that were most popular in 2017 bull run. Coins like Stellar Lumens, Dash, and Verge as well as XRP, Ravencoin, and Siacoin are up by 10% in the past 24hours. These are coins that underperformed in 2018 and 2019 earlier this week. The outperformance of these coins seems to be related to a wider shift between DeFi crypto assets and the old-guard crypto assets.
Everyone is watching Bitcoin right now as the coin started to move higher to its all-time high of $20,000. Edward Cleps, the leading crypto asset trader shared a chart showing the ongoing move higher. He believes that once BTC breaks past $20,000, BTC will start shooting higher and will rally along with other altcoins. If BTC shoots higher, both retail and institutional participation will drain all of the capital into BTC as opposed to looking for other movements in the short-term. Will this mean that the altcoins will drop against the US Dollar or it will be just Bitcoin, remains to be seen.
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