The Altcoins have organized a major rally against Bitcoin over the past two days. However, Bitcoin's gains in May mean they may be struggling to keep the month going. positive historical trend.
May, historically, the third best month of Altcoins against Bitcoin
According to Binance Research figures, May is a good month for altcoins, with an average gain of 18.7% over BTC since 2014.
Historically, only March and December were the best months, recording average earnings of about 30%. With the Altcoins gaining ground on Bitcoin in May in 3 of the past 5 years, a new win this year would give them a 67% success rate.
The last 48 hours have seen some Altcoins gain 21%
True to their habit, altcoins rallied and rallied very strongly. Led by accusations of Ethereum, Binance Coin, Stellar Lumens and Litecoin, recent days have seen many pairs of coins / BTCs becoming bullish.
Although minor escapements have occurred on individual chips, we have not seen this kind of general trend in the market for altcoins for more than 9 months. This should mean that we are on the way to another positive month for altcoins, cementing the reputation of the month.
However, while the alts had a good month of isolation, Bitcoin also had …
Let's say Bitcoin was not done too badly in May
In fact, Bitcoin 00 has been in good health since the end of March, thank you very much. In fact, over the last 44 days, the total market capitalization in altcoins has decreased by 44% in terms of BTC. This caused a bullish divergence for Bitcoin, where the price was up but where the altcoins lagged in terms of BTC.
However, a bullish divergence is another very good indicator that Bitcoin is back on a bull market. Historically, this type of divergence has occurred much more frequently in bull markets than in bear markets. 371 days out of the 410 who witnessed it (more than 90%) were correlated to a bullish action.
Yesterday, Bitcoinist According to market analyst Filb Filb, if the BTC / USD could maintain these levels, especially above $ 8,200, it would reach more than $ 9,000.
Assuming that bitcoin can recover $ 8,200, it would be reasonable to assume that the bulls will have the intention of testing in that area.
As we come to the final phase of the parable, which can offer the highest returns but also carries the greatest risk, all eyes are turned to bitcoin.
This, of course, would also be good news for the altcoins and would probably signal the continuation of the "altseason".
Are the cryptocurrency markets now entering the altseason? Share your thoughts below!
Images via Binance Research, Shutterstock