Altcoins just repeated a move that could launch them 27,000% higher in 2021
May 3, 2021. Summarized by summa-bot.
Compression ratio: 50.8%. 1 min read.
Bitcoin may have to deal with a 27,000% altcoin market cap surge this year.
According to popular trader Rekt Capital, those are the potential combined returns for altcoin investors if history repeats itself this year.
In a tweet on May 3, Rekt Capital noted that at the start of 2017, the market capitalization of altcoins flipped its previous cycle high to support.
That high had come in late 2013, and as a new floor level, it launched the market cap to a peak no less than 27,623% above it.
In the past two months alone, the altcoin market cap is up 119% after flipping that same 2017 peak to support.
The figures come as the largest altcoin, Ether (ETH), became a talking point in its own right on May 3, having passed $3,000 to go on to see dizzying new all-time highs.
Many of the other major cap altcoins have also outperformed Bitcoin in terms of weekly gains, with analysts predicting new all-time highs to appear elsewhere.