Cryptocurrency markets continued their recovery over the weekend, with altcoins seeing double-digit spikes as the mini alt season that began towards the end of February continued rolled on. As we predicted last week, RVN had a storming weekend, enjoying a 34% rise to cap an astonishing month that has seen it soar 400% in just one month. ABBC, which has also seen some astonishing price action in recent weeks, enjoyed a late 30% surge on Sunday night, closely followed by POLY. Alts have been helped by BTC continuing to hover around the $4k mark, giving alts a platform to frolic.
Market Cap Increases, Along with Risk Appetite
The good news for the space is that the overall market cap has also been growing steadily since early February, with some $30 billion having come back into the space since those lows, a sign that confidence is slowly coming back into the market and the appetite for risk is increasing. Seeing as most altcoins have dropped about as close to 100% as you can get this isn’t really a surprise, and the selling pressure had noticeably disappeared in 2019.
The big question of course is whether we are done with the negative price action. Current sentiment is a real mixed bag, with no one really knowing what to expect as the week begins:
Bitcoin starts pumping this summer and there’s nothing you or any of your stupid friends can do about it https://t.co/dBI3IhI0HQ
— Moon Overlord (@MoonOverlord) March 24, 2019
This week’s going to witness 8-11% drop. $BTC / #DYOR
— ฿ (@Crypto_Brahma) March 24, 2019
ok this looks like downright garbage – are we going to see $3500 after all? pic.twitter.com/VpbHvDsXMp
— The Crypto Dog? (@TheCryptoDog) March 24, 2019
More Green to Come?
If Bitcoin can maintain its current range then we should see more alts popping off, with big caps that haven’t yet enjoyed the green treatment, like EOS and XRP, potential candidates, as well as ZIL which is known to move fast when it does. If Bitcoin does collapse as some are predicting, this is more likely to represent the final act of capitulation as opposed to prolonging the crypto winter, meaning one potential final alt shopping spree. Pack your bags everyone – the moon is in sight once more!
What do you think? Are alts set for a longer spell in the green, or will big daddy Bitcoin spoil the party? Let us know in the comments below.
