Altcoins and Bitcoin Surge as a Broad Crypto Rally
• Bitcoin (BTC, Tech/Adoption Grade “A-”) bounced off $54,000 yesterday and is now on the brink of another push past $60,000.
• Cosmos (ATOM, Tech/Adoption Grade “C”) is up big so far this year and appears to be breaking out in a big way.
• Theta Token (THETA) is another crypto asset that’s gone parabolic in 2021.
Bitcoin gained more than 3% after bouncing off near-term lows around $54,000 early in yesterday’s trading session. And it’s close to breaking back above $60,000 for just the second time ever.
It’s easy to lose perspective on just how far BTC’s price has run, as the type of rollercoaster ride it’s enjoyed can mess with investors’ emotions.
But Satoshi Nakamoto’s baby has been spectacular this year, and the story of this ride has been institutional adoption. Morgan Stanley (NYSE: MS)’s announcement that it will enable access for its wealthiest clients to Bitcoin-related investment vehicles is only the latest episode.
The next step on this journey for Bitcoin is likely a close above $60,000. We’ll keep our eyes on that level today.
Here’s BTC in U.S. dollar terms via Coinbase:
Cosmos is a relatively new cryptocurrency, as its initial coin offering (ICO) took place in 2019. It’s a decentralized internet-of-blockchains project, basically aiming to create interoperability between blockchain networks.
ATOM was added to Coinbase exchange in January 2020 and began trading just under $5. It didn’t see a whole lot of action in 2020, closing the year just below $6. Since the start of 2021, though, ATOM has risen almost 300%.
It’s trading up about 12% to $23.50 today. It’s back above its 21-day moving average and is approaching the next level to watch, which is its all-time high of $26.50.
Here’s ATOM in U.S. dollar terms via Coinbase:
Theta Token is another crypto asset that’s gone parabolic since the start of the year. It opened 2021 just below $2.00 a token. It’s since risen more than 330% and is trading around $8.00 today.
Much of that appreciation has occurred this month, as THETA has gained more than 150% since Feb. 28. Theta Token is now in the top 15 coins by market capitalization, so it’s certainly an altcoin to keep an eye on.
Here’s THETA in U.S. dollar terms via Binance:
Notable News, Notes and Tweets
• We’re leaning more and more bullish on ChainLink (LINK), a stance reinforced by Cointelegraph’s report on why it believes LINK is heating up.
• Cointelegraph also has the goods on another development in the non-fungible token (NFT) space.
What’s Next
Bitcoin appears to be on the brink of breaking $60,000 once again, and this time around the rest of the market also seems to be heating up.
Altcoins have had a very good week so far, supported by a stream of bullish news, including institutional altcoin adoption and increased availability of altcoin assets on major exchanges.
Cosmos and Theta Token are just two examples of some of the investment alternatives to Bitcoin that are really beginning to take off. Note that any sustained sideways trading action on Bitcoin charts could potentially lead to a sustained altcoin season.
Bitcoin will dominate crypto storylines in the mainstream press for a while to come. But altcoins are where we’ll see the most explosive action in 2021 and beyond.
Stay tuned for more insights on that action.
Best,
Alex
