It appears that it is not just the price of Bitcoin that has benefited the most from the recent bullish action in the crypto space. BTC’s price has stabilized and consolidated in this period. This action gives altcoins like Ethereum and XRP, a chance to recover some ground against Bitcoin per trading ratio. The XRP price prediction for the year has been surpassed by miles and the coin is only just starting.
Most of the top altcoins have managed historic average drawdowns. The signs are obvious that we are heading into an altcoin season as profit from Bitcoin is collected and invested in other digital assets for additional gains. Now we will share some tips on how to maximize profits in the current bull market to aspiring investors and traders in the space.
XRP is the Best Performer Among the Top 20 Coins in the Last 24 Hours
Before moving forward it has to be said that the price of XRP has performed very well in the last 24 hours. The coin is arguably the best performing altcoin in the said period. XRP’s price jumped to $0.45 today. This position was the highest that the digital asset has attained in recent years and it was last achieved in December of last year.
This move by XRP has confirmed a double bottom breakout for XRP via the three-day chart. Hence, ensuring that the third largest crypto by market cap could rise toward the $0.50 position in the near-term. The price of XRP appreciated by 14.7% in the last 24 hours. XRP prices hit 4.5-month highs at $0.45.
Identifying an Alt-Season Before it Starts
After Bitcoin’s rally to $20k at the end of 2017, the entire market fell in value. Losses reached 85% to 99.9%.
Most cryptos found their bottom in terms against the USD. Before a brief alt season that saw top coins doubling in value against the USD materialize at the start of 2019. Most altcoins outperformed the price of Bitcoin. One of such is the price of Litecoin. Litecoin led that crypto rally just before its halving. The relationship between BTC and altcoins helped push Bitcoin off the bear market to the highs it holds currently.
After the price of Bitcoin broke $4,200, altcoins initiated an inverse correlation with BTC. Hence, instead of losing value relative to BTC as the price of Bitcoin dropped, they kept growing further.
Once there’s a break in Bitcoin’s dominance, then this will be the 4th signal for one of the conditions that point towards the creation of an altcoin season. This usually happens after the price of Bitcoin rallies, and money starts to flow into altcoins like Ethereum and XRP.
After the price of Ethereum breaks beyond the 200 EMA, which has already happened in the past few days, the predicted fall in Bitcoin’s dominance should begin shortly. This will usher in an era that will see money flow in the crypto market.
Collecting Profits on Crypto During Bullish Seasons
If the altcoin season is established firmly, take the advice of a crypto analyst called Panama Crypto. This analyst recommends that you take profits on the way up while leaving some in a “moon bag.” This comes in handy in case a single crypto significantly takes off.
The best advice for investors is the reminder that if they gain a “life-changing sum in profits” they should move on.