Is it the right time to invest in altcoins? Because it looks like the altcoin market cap has broken an important resistance level.
Is it the right time to invest in altcoins?
Total value of the altcoin market, which has risen above $140 billion, has broken several years of resistance. Of course, this shouldn’t come as a surprise.. Because many altcoins have indeed had moments of momentum over the past few months.
The developments around Ethereum (ETH) 2.0 and the rise of the decentralized finance (DeFi) industry have increased the altcoin market value.. As a result, the market dominance rate of Bitcoin also decreased slightly in the last quarter.
Crypto analyst @rektcapital stated in his tweets today that the altcoin market value has risen above an important resistance level.. Altcoin market cap is now over $140 billion.
In mid-June 2019, the total value of altcoins could not exceed $139 billion.. And despite the rise of altcoins that lasted for several weeks.
Is it the right time to invest in altcoins? Market cap breaks resistance – Source: Twitter
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Altcoin market cap hits $140 billion for the first time in November 2017 he also broke. At that time, the market was dominated by a bull run, mostly driven by speculation.. As a result, the altcoin market rose to $541 billion at the beginning of 2018.
Based on its current value, we can say that the altcoin market cap is 73 percent behind its all-time high in January 2018.. During the one-year bear market that continued throughout 2018, the altcoin market declined by 90 percent.
After this decline, a resistance range from $140 billion to $180 billion was formed.. A break above either of these levels always marked a bearish turn.. The current leap forward is driven by hopes for the start of a new altcoin season.
DeFi dominance in 2020 crypto space
Meanwhile, we see Defi’s star shine in the crypto industry in 2020. Multiple DeFi tokens break record after record. For example, Chainlink (LINK) recorded a new all-time high and doubled its value in the last few weeks.
Related – DeFi tokens that doubled in price in 10 days – Will the uptrend last?
In addition, the value of assets locked in DeFi protocols has also increased from $680 million at the beginning of the year to $4.69 billion.
Examples of other altcoins that are developing and adding value are Compound (COMP), Balancer (BAL), and yEarn .finance (YFI) can be displayed. Not to forget the fundamentals of Ethereum and Cardano (ADA).
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