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Altcoins Explode - Is The Crypto Bull Market Coming Back?

 


Bitcoin and Ethereum recently had small price increases after the strong market correction. But in the slipstream of these large cryptocurrencies, numerous Altcoins exploded in value. Is this a sign that the bull market will soon pick up speed again for the major cryptocurrencies as well?

XRP, Terra, Avalanche: Altcoins pump

The last few weeks have been rather difficult for the crypto market. After Bitcoin rose to $ 68,000 in early November, we saw numerous price drops over the past 1.5 months. Bitcoin fell below $ 50,000. Ethereum also crashed from $ 4,800 to $ 3,800. Almost all other altcoins lost a lot of their value in these weeks.

But for a few days, we have been seeing numerous altcoins with strong increases. Avalanche and Terra started and have been increasing in value for about a week. But meanwhile, numerous other cryptocurrencies are also experiencing increases in the double-digit percentage range. Here are some examples of percentage increases over the past 7 days:

  •    XRP: +19%
  •    Terra: +59%
  •    Avalanche: +36%
  •    Polygon: +22%
  •    Hedera: +42%
  •    IOTA: +22%

What are the reasons for the increases in altcoins?

The increase in altcoins is by no means generalized. The above examples are the highest increases among the top 50 cryptocurrencies. Other coins either only rise with single-digit values ​​or tend to move sideways. Compared to the situation a week ago, however, we see a lot more green in the courses.

Many altcoins show increasing adoption and large institutional investments. Avalanche and Terra are examples of networks whose adoption is growing rapidly in the decentralized financial products and NFTs space. Others introduce new development steps. For example, IOTA recently started offering staking functions. 

Will the bull market continue now?

There is still some hope that the major cryptocurrencies such as Bitcoin and Ethereum will also gain some percentage points by the end of the year. Bitcoin could possibly move again in the direction of 60,000 dollars, the ether price possibly in the direction of 5,000 dollars.

The strong altcoins are definitely giving investors a positive signal for an imminent continuation of the bull market, which seems to have lengthened this cycle. The voices that speak of a bear market could thus become smaller again.

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