Bitcoin and crypto markets have surged by their largest amount for almost three months today and altcoins are leading the momentum. Over $20 billion has flooded back into the space but what has caused the big bull run and has alt season finally begun?
Total bitcoin and crypto market capitalization has not been this high since mid-November when the bears were in full attack mode. So far this year’s total cap has gained 27% and today topped out at $244 billion, a new high for 2020.
Bitcoin has no doubt played a big role in the movement of the rest of the crypto market. So far this year the king of crypto has been making and holding solid gains, mostly driven by geopolitical tensions.
Today BTC has ‘only’ gained 3.5% in a climb from $8,500 to reach the resistance at $8,800 but it continues to dominate the wider markets as bullishness builds.
The massive movement in altcoins today has dropped bitcoin dominance back to 67% according to Tradingview.com. However, it cannot be denied that halving momentum and general BTC hopium over the past couple of weeks has lifted the industry as a whole.
Today’s massive moves are being dominated by the two…
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Author: Martin Young