The week kick started with bitcoin failing to break it's all time high at $41,500 after several attempts, Bitcoin have been seen to have taken a very dip dive into the bearish zone with approximately $4500 loss in its price.
Many speculates that this bearish movement of bitcoin was because bitcoin Miners have started selling off their Btc, According to CryptoQuant CEO, Ki Young Ju, " the Miner's Position Index (MPI) that calculates the ratio of BTC leaving all miner wallets to its 1-year moving average has reached levels where miners are selling".
Others believe that Bitcoin is giving room for other altcoins to catch up with its pace.
Nevertheless, the altcoins have so far witnessed an enormous growth.
Dash Started the week as the highest gainer in the past 24hours.
DASH surged by over 100% from $95 to as high as $194, only to pull back to the $140 level, that almost x2 of its initial price.
Bitcoin cash(BCH) was also seen to be making waves, after it soared from $420 to as high as $630 in the past 24 hours, this is the highest level it has reached since November 2018.
Conclusion : The move so far for these altcoins marks a crucial breakout from a Long period slumber, as major altcoins are now following in Ethereum's footsteps, other Altcoins like Litcoin, Loopring etc have been seen to be making waves too.
we can as well say "welcome to Altseason."
•Ahanonu publications ©2021•
