How top altcoins trend in coming days could set the tone for the entire crypto market in 2020

Published on by Cryptoslate | Published on

Mentioned in this article
Bitcoin has been able to significantly extend its recently incurred upwards momentum, creating a strong upwards tailwind that has allowed nearly all major altcoins in the crypto market to post massive gains over the past couple of days and weeks.

The massive market-wide rally seen since early-January seems to have reached a boiling point earlier today, with many major altcoins began climbing 10 percent or more while one top crypto even posted a massive 130 percent rally.

Whether or not the markets are able to maintain this momentum in the coming several hours and days could offer significant insight into which way the markets will trend next, with one analyst noting that some altcoins could soon see significantly larger rallies if they are able to hold above their key support levels.

Crypto markets rally as investor's outlook brightens.

Currently, of the top ten cryptocurrencies by market capitalization, Bitcoin and Binance Coin are the only ones trading up less than 10 percent, with Bitcoin SV - the controversial Bitcoin Cash hard fork - leading the way with an unprecedented 130 percent climb.

The market's ability to continue surging higher following its recent bounce from its late-December lows suggests that many altcoins could be in the process of forming long-term bottoms, which signals that a bull market could be just around the corner.

"These next few days are probably more important for $alts than $BTC. $ETH, $LTC and many others are on the verge of putting in a higher lower on the weekly. If they can follow through then there would be some big targets, but it is too early to get over excited."

Analyst: risk-reward ratio on altcoins is massive, but they face strong resistance.

Financial Survivalism further goes on to note that it is too early to decisively know which way altcoins will trend in the near-term, but he does explain that the risk-reward ratio on many of these tokens is massive, with much of the risk stemming from the strong resistance they are currently facing.

The coming few days should shine a light on just how bullish this ongoing rally is in the long run for both Bitcoin and smaller cryptos.