Altcoins spike up, flipping the downward trend, with a huge margin of more than 30% in a short span of time
The dropping bitcoin dominance may have led the other altcoins to swell to mark the resumption of the altseason 2021
The crypto space experienced a pretty difficult phase as it fell deep down the bear trap and dipped drastically. The price of most of the altcoins along with Bitcoin, dropped significantly and the price against the USD was cut down to almost half of their ATH.
However, the quick recovery attracted many to again jump in the space to acquire their holdings at the discounted price. Despite the sideways trend of Bitcoin price, most of the altcoins like Polygon price, Maker price and Helium price and many other altcoins jumped and exploded from ashes.
Also Read: Top Potential Altcoins to Buy This Dip!
The most eye-catching price rally is of Polygon(MATIC) with nearly 50% increase. The price had visited levels below $1 at $0.8 and bounced back quickly. The crypto manifested an extreme bullish momentum to regain the lost positions. Currently, the price is on the verge to hit $1.5 and may rally towards new ATH soon.
On the other hand, Maker price broke up the descending channel and surged upwards nearly 43.36% since the past 24 hours. The huge increase in the trading volume, that’s about 264.90%, escorting the volume above $1 billion, fueled the rally.
Yet the another altcoin which showcased an intensified bull run, is Harmony. The harmony (ONE) price surged more than 30%, grabbing the traders attention. Along with ONE price, HNT price and FTM price also surged above 30%, marking the resumption of the Altseason 2021.
Bitcoin price, however, may break the upper resistance of the descending channel to head towards the target range around $38K. Yet the dropping dominance is intensifying the altcoin jump. Therefore, one can expect an accelerated Altseason to be continued for some more days before BTC capitulates the market again!