Bitcoin market overview: New all-time high for BTC, BNB recovering, NFT boom

Bitcoin (BTC) has seen some losses in the past few hours, having previously set a new all-time high. Binance Coin and others found new strength after a brief cool down yesterday.

Bitcoin leads the market

Yesterday, Bitcoin ( platform comparison ) for the first time in the decades-long history of the top cryptocurrency exceeded the $ 58,000 mark.

The rally to the new all-time high solidifies a week of impressive performance from Bitcoin Champion. The coin has gained over 30% since Monday.

The cops are in control, and the next significant level for BTC is the $ 60,000 mark.

In fact, the top altcoins of the past week are also experiencing the “pull-up” effect of the top cryptocurrency, such as Binance Coin (BNB).

In addition, the newly-famous alternative to the Ethereum-based Uniswap ( Bullish for Ethereum: Update for lower fees should come in July), PancakeSwap (CAKE), is on its way back to the $ 20 levels.

Crypto bulls are confident that market cap will surpass $ 2 trillion at some point in the next week.

Portfolios are shifting towards market performance

Accordingly, traders and investors alike are in the process of rebalancing their portfolios to reflect the high performance of the altcoin market. As previously reported, Tether (USDT) lost three places in the market capitalization rankings as investors choose BNB, Polkadot (DOT) and Cardano (ADA) instead of Tether.

And this despite the fact that Tether has minted record amounts of stablecoin in recent months.

Additionally, while the market is bullish, there is reason to believe that the euphoric phase has not yet occurred as traders choose to buy cryptocurrencies outright rather than use leverage.

This suggests that they plan to „hodel“ in the long term.

Works of art, lawsuits and ETFs

That being said, YouTube star Logan Paul released his own non-fungible tokens (NFTs) this weekend.

As Ripple Labs prepares for the first hearing tomorrow, it was announced that former US Securities and Exchange Commission (SEC) director Mary Jo White will represent the company and its executives on the case.

In an interview with Fortune Magazine , the former director described the SEC’s decision to file charges against the decentralized payment processing company as „absolutely wrong“.

In Canada, analysts expect several relaunched BTC ETFs will attract even more investment than they did in just two days.

In this respect, the market could, by and large, have a bullish week.

How do you recognize the old season? eToro provides a possible answer

If the top 100 altcoins had been held in equal parts, that would have been mostly more lucrative than Bitcoin in 2020, according to eToro.

Investors who swapped their bitcoins ( BTC ) for altcoins and vice versa at the right time could have made significantly higher profits in 2020, according to a new study by eToro , the popular social trading platform. The challenge, of course, is to determine exactly when the coveted old season begins.

In its latest quarterly report, the eToro platform explains various cryptocurrency investment topics in relation to the 2020 bull market. An entire section is also devoted to the old season . This is a phase in the cryptocurrency market cycle where altcoins rally, often outperforming Crypto Profit.

The investigation showed that if the top 100 altcoins had been held in equal parts, in 2020 they would have been mostly a „more lucrative investment“ than BTC. Until December 18th to be precise. However, investors who knew when to switch from BTC to Altcoins and vice versa could have nearly doubled their profits that year.

eToro explained :

„If you had started with Bitcoin and had only made two changes in the whole year (Bitcoin to Altcoin in May and back to Bitcoin in September), instead of three or four times the profit you could have made over seven times the profit.“

While eToro admits that predicting the old season and BTC season is notoriously difficult, the research looks at various indicators that can help investors determine market cycles.

The relative trading volume, activity on social networks, the listing of new coins and the number of news articles published about crypto projects seem to have an impact on whether altcoins experience a boom.

Of course, trading volume is a classic chicken-or-egg situation. Because it is not always clear whether trading activity is increasing organically or simply because the price is rising.

To measure activity on social networks, eToro uses data from The TIE, a crypto analysis company. The tweet volume of Altcoins is compared with that of Bitcoin.

The data suggests that „the old season can be defined by the relative number of tweets about altcoins,“ the report said.

It also said:

„This indicator seems to capture not only the May and October deceptions, but possibly also the short old season in late February.“

Dogecoin ( DOGE ), the meme cryptocurrency , is currently the center of attention on social networks. Last week, DOGE became the first altcoin to outperform Bitcoin in terms of daily trading volume, according to data from The TIE.

Using data from The TIE, eToro also looked at listings on exchanges and thus showed that there was a „significant increase in the number of exchange listings in late summer“ in 2020. That was the same period in which altcoins performed the most significantly better than BTC.

More mentions in news articles published directly by cryptocurrency companies also appear to be correlated with the old season. „That makes intuitive sense,“ says eToro. Because these articles usually relate to current developments in projects and other big announcements.