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Bitcoin Price Consolidating While Altcoins Flying, Is This The Beginning Of Altseason 2021?

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Highlights

    Bitcoin price is trending within a crucial zone and a dump from here can cost the asset to plunge below $60,000

    The altcoins specifically the popular one’s appear to lead the altseason 2021 as the dominance is trending towards the south

BTC price showcased its strength a couple of days before and smashed its highs above $67,000. The dominance was also surging as it rebounded from its lows to as high as 47% during the rally. However, a slight spike in Ethereum price and a notable jump in the other altcoins may initiate the Altseason 2021.

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The most dominant crypto, Bitcoin is, however, consolidating within a descending triangle. No doubt the pattern suggests a bearish trend fast approaching, yet an extended consolidation can also be on cards. However, even if the crypto undergoes a pullback, yet the bulls are expected to jump in and uplift the price above $60,000. 

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Source: Tradingview

Coinpedia reported earlier that some traders are selling Bitcoin and Ethereum for Shiba Inu, and hence this could ignite a healthy altseason from now. The altcoins like Binance Coin, Cardano, Solana, Polkadot, etc have just flipped the bearish trend. And interestingly, some meme coins like Shiba Inu have successfully smashed their ATH with more than a 23% jump. 

Witnessing the strength being accumulated in the core, Dogecoin price is also heading towards $0.3 levels. On the other hand, DeFi tokens like Avalanche, Fantom, The Graph, Aave, etc have also managed to record notable gains. Interestingly, the total market cap excluding bitcoin and ethereum is again testing major resistance levels. 

Once the mid and small-cap altcoins make a notable move, the altseason could witness a notable jump. However, the volume still lags behind the required and hence more induced volume in the altcoins may ignite altseason 2021. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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