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The "altcoin season" has never been more appropriately named! In this month of May 2021, many cryptocurrencies are performing impressively and it is not uncommon to see +200 or +300% in a single week. On Bitcoin on the other hand, the numbers are much more modest. The king of cryptocurrencies has been quiet for three months. It is again stable over a week, and quotes around €47,000 ($57,000) this May 12. Despite a flash crash that occurred in the evening of May 10, the crypto market is showing its resilience and remains in a long-term uptrend.
For the past few weeks, Ethereum has been stealing the show. The asset continues to break records, at €3,600 (or $4,300). Its share of the cryptocurrency market capitalization continues to rise, at the expense of Bitcoin’s. Despite the still high fees for using the Ethereum network, the enthusiasm does not subside. Moreover, it is interesting to note that the strong increases in altcoins do not all occur at the same time. We are seeing successive rises depending on the sectors of the market. While decentralized finance cryptocurrencies like Aave and Uniswap were making strong gains a few weeks ago, it’s now the turn of older assets like EOS or Ethereum Classic to show impressive increases. Not to mention the sudden and extreme increases on altcoins with little capitalization or without fundamentals, which still suggest the beginning of a speculative fever on this market. The recent sharp price fluctuations in Dogecoin are a perfect illustration of this.
This observation should allow us to remain exposed to this high potential market, without forgetting the risks of a forthcoming drop in prices. Indeed, we don’t necessarily see new money coming into the market, but rather existing capital that seems to rotate and move from project to project, to take advantage of successive price increases. It would not be surprising to see Bitcoin return to the forefront of the market in the near future, once again generating the best performance while altcoins take a break. Read on for detailed analysis of Bitcoin, Ethereum and Avalanche.
We invite you to discover our video analysis (in French and dated from May 11):
The Coinhouse recommendation :
Wait
The Coinhouse recommendation :
Hold
The Coinhouse recommendation :
Buy if $44.80 is crossed
1- SafeMoon : +131%
2- EOS : +106%
3- Polygon (MATIC) : +61%
1- Dogecoin (DOGE) : -10%
2- OKB : -5%
3- Uniswap (UNI) : -4%
All information in this article is provided for informational purposes only, although it has been compiled from reputable and reliable sources. It does not constitute an offer to buy or sell digital assets, nor does it constitute an offer to provide services in respect of digital assets, nor does it constitute advice, inducement or recommendation to deal in such digital assets. It constitutes simple information that is under the user’s absolute control. We inform you that if you choose to invest in digital assets, you must be aware of our general terms and conditions of sale (https://bit.ly/2FGW2ek) and accept the various risks listed and defined on our legal warning page (https://bit.ly/3c4sQKc)
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Investing in crypto-assets carries risks of liquidity, volatility, and partial or total capital loss. Crypto-assets held are not covered by deposit and securities guarantee mechanisms.
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