Here’s What Could Stop The Altcoin Bull Rally Dead In Its Tracks

Name	Symbol	Market	Market Cap ($)	Algorithm
Graph Token	GRTUSD	Crypto	2,372,195,118	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Graph Token

GRTUSD

Crypto

2,372,195,118

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.003	1.20%	0.2538	0.2537	0.2538

Price Change

Price Change %

Current Price

Bid Price

Offer

0.003

1.20%

0.2538

0.2537

0.2538

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.2581	0.250	0.2513	0.2508	0.076130 - 0.496300

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.2581

0.250

0.2513

0.2508

0.076130 - 0.496300

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	06:42:32	384.46	0.2538	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

06:42:32

384.46

0.2538

USD

Price x Volume	Volume	Base Symbol	Related Pairs
767,269.49	3,024,030.73	GRT	GRTEUR	GRTGBP	GRTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

767,269.49

3,024,030.73

Here’s What Could Stop The Altcoin Bull Rally Dead In Its Tracks

07/02/2023 6:00pm

NEWSBTC

The majority of altcoins in the crypto space have been rallying independently of the largest cryptocurrencies in the space. However, while this has been good so far, it could also present a possible roadblock for the altcoin bull rally. Bitcoin And Ethereum Could Cause A Problem Over the last week, while multiple altcoins have been rallying and seeing double or triple-digit gains, the price of the two largest cryptocurrencies in the space, namely Bitcoin and Ethereum, have not seen much upside. They have continued to consolidate without affecting the market. Related Reading: Crypto Market Still Reeling As Bitcoin’s Break Above $24,000 Triggers Liquidations According to a report by on-chain data aggregator Santiment, this has seen the likes of HEX and GRT rally tremendously. Also, during this time, AI tokens such as FET and AGIX have done well, enjoying the continued attention being given to artificial intelligence by investors. However, Santiment cautions investors who are putting money into small and mid cap altcoins at such a time. The problem here lies in the fact that these altcoins are seeing price increases without any positive movement from Bitcoin, which is an established market mover. 📊 February hasn't seen a repeat of excitement for #Bitcoin & #Ethereum like we saw in January. But #altcoins like $HEX (+64%), $TMG (+70%), and $GRT (+66%) have had other plans this past week. Be cautious, though, when money is cycling into mid/small caps without top cap rising. pic.twitter.com/TYO8pNh5yF — Santiment (@santimentfeed) February 7, 2023 Thus, if the prices of Bitcoin and Ethereum begin to move once more, it could drain liquidity from these small and mid caps as investors rush back into established coins. The result of this would be a massive decline in price that could very well wipe out all of the gains established over the last week. Altcoin Bull Rally May Continue Now, while there is certainly some threat from Bitcoin and Ethereum suddenly moving, the altcoins have shown strength. For example, the market dominance of bitcoin has dropped 1% in the last week, falling from 44.21% last Friday to its current dominance of 43.40%. Likewise, Ethereum’s market dominance fell from 19.84% on Friday to 19.69% today. BTC dominance drops in the last week | Source: Market Cap BTC Dominance on TradingView.com Given this increase in altcoin dominance, it proposes that the rally may not be as significantly affected when Bitcoin and Ethereum begin moving. Also, altcoins could also enjoy some upside if these large cap assets begin rallying once more. But for now, the price performance of BTC and ETH remains muted. Related Reading: Will Bitcoin Price Return To $20,000? Here’s What Investors Expect According to data from Coinmarketcap, the most profitable altcoins over the past week have been the AI tokens. AGIX is up 224% in the seven-day period while FET is seeing 109% gains in the same time period. Others include GRT with 95% gains and OCEAN with 55% gains. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Bounteous, chart from TradingView.com

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GRTUSD Graph Token