Bitcoin Hits $6,500 while Altcoins “Exploding” with Gains as Experts Say Cryptos to Rally

Bitcoin and the entire crypto market is green while several altcoins are enjoying significant gains. Meanwhile, experts and enthusiasts share various possible market sentiments.

Entire crypto market in tremendous green

Today, a market is green and enjoying the gains after days of the severe price drop. Bitcoin is currently exchanging hands at $6,502 while being up over 3 percent. The leading cryptocurrency’s trading range for today has been between $6,333 to $6,528 as shown in the chart below.

With a market cap of $112 billion, the daily trading volume of the number one cryptocurrency is still pretty low at $4.1 billion. However, as altcoins also rise in tandem with Bitcoin, its dominance takes a drop and hit 56%.

So, when it comes to altcoins, all of the top 100 cryptocurrencies are in the green while some are registering great surge. Out of the top 15 altcoins:

• Ethereum (ETH) by 18%, Monero (XLM) by 17%, and Tron (TRX) by 16% are the biggest gainers
• Cardano (ADA), IOTA (MIOTA), and NEO are rising 11 to 12%
• XRP, Bitcoin Cash (BCH), and Ethereum Classic (ETC) are on an about 8 percent hike

The winners of today’s price rise are:

• Nano by 47% and Aurora (AOA) by 40% are dominating the gainers
• Waves, Decetraland (MANA), Verge (XVG), and Aion are all in the 20% hike range
• Other notable mentions are Waltonchain (WAN), Basic Attention Token (BAT), ICON (IOST), and VeChain (VET) that are up between 14 to 16%

Also, read: Ripple Powering Up Japan’s Remittance viaRippleNet, Making SBI Largest Money Transfer Provider

Market still severely down from ATH, A rally coming up?

Despite the price rise, the crypto market is still 80 to 90% down from its all-time high (ATH). However, according to an observation by a crypto enthusiast, this just might mean we are in for a big rally soon.

Also, crypto analyst and Placeholder VC, Chris Burnskey shares a thread on Twitter explaining how as a bear market comes on, BTC dominance along with its maximalist rises. First, he shares that Bitcoin is so not over the losses as:

“Despite maximalists’ increasing comfort in deriding other crypto assets, note that #bitcoin isn’t out of the woods yet, as we are left to wonder if $6,000 is the new $200.”

But, “as this bear market turns to consolidation it will consolidate around #bitcoin. $BTC then, will also likely kick off the next bull market (be careful of false starts).”

And then the interesting relation between Bitcoin halving and price skyrocketing scenario:

“Note that some of #bitcoin’s biggest bull markets have come the year after the coinbase reward halving. November 2012 = 1st halving, 2013 a monster year. July 2016 = 2nd halving, 2017 a monster year.Summer 2020 = 3rd halving, 2021 a ???”

Moreover, “As #bitcoin consolidates after a first leg up, traders will take profits into other cryptos, and so the small-to-mid cap #cryptoassets will rally.”

Only to conclude with:

The entire thread can be read here.

However, not everyone is positive of altcoins as the Chief Commercial Officer at the US-based Bitcoin payment service provider, BitPay, Sonny Singh comments:

“…Where the issue is, is the altcoins. Those will never come back, the way bitcoin will come back. Bitcoin will rebound next year.”

He further adds:

“You’re not seeing the likes of BlackRock launching an altcoin product. Bitcoin’s the leader in the space.”

But a bull rally is surely in the picture soon as he comments:

“Right now the market is looking for some defining moment — a catalyst. Right now you’re hearing a lot of rumors. But next year you’ll see the talk of the big entrants become real — Goldman Sachs launching a trading desk, Fidelity does launch a bitcoin product, Square offers bitcoin processing for merchants, BlackRock offers an ETF. When these things start to happen you’ll see some adoption and then the price will bounce up again.”

Only time and market sentiments will tell how will Bitcoin and hundreds of altcoin do in the short as well as long term.