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Home Ethereum News

These Altcoins Set a New ATH While Bitcoin And Ethereum Tank

by The Future Coin
June 29, 2020
in Ethereum News
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These Altcoins Set a New ATH While Bitcoin And Ethereum Tank
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Last week, Bitcoin price fell from a high of $9,800 to a low of $8,900. Ethereum fell over 10% from $248 to $215. But while these top crypto assets tanked, several small-cap altcoins not only surged but set records for a new all-time high.

What’s causing these underdog altcoins to rally while major crypto assets continue to struggle under the same market conditions?

Major Cryptocurrency Assets Bitcoin and Ethereum Continue To Struggle With Resistance

Bitcoin and Ethereum continue to struggle with resistance above $10,000 and $250 respectively. Worse yet, the two major cryptocurrency assets dominating the market, are now having a hard time with levels below that.

The weight of stock market uncertainty and a resurgence of cases of the pandemic has brought fear back to crypto.

The chances of a V-shaped recovery completing fade by the day. Instead, most major assets have done nothing more than set a lower high, which is a sign of a coming downtrend.

Related Reading | Brutal Drop In Altcoins Anticipated as Bitcoin Dominance Projected to Surge

A lower low could be next, confirming the existence of a deeper downtrend. The risk alone has put a damper on any bullish momentum the assets had at the start of 2020 and in recent weeks.

But while the most important crypto assets struggle, small-cap altcoins have been soaring under the same conditions and sentiment. But why?

crypto bitcoin ethereum altcoins altcoin

Ten Small-Cap Altcoins Set New All-Time High Records During Crypto Drawdown

Last week, while Bitcoin and Ethereum sank, small-cap altcoins not only surged, they set new records. According to data, ten different small-cap altcoins across six different exchanges set a new all-time high.

The list includes:

  • Universal Market Access (UMA)
  • Ren (REN)
  • DMM: Governance (DMG)
  • Synthetic Network Token (SNX)
  • Celsius Network (CEL)
  • THORChain (RUNE)
  • Reserve Rights Token (RSR)
  • pNetwork (PNT)
  • Balancer (BAL)
  • Aleph.im (ALEPH)

Not even a handful from the list crack into the top one hundred cryptocurrencies by market cap. Combined, all ten cryptocurrencies don’t even amount to $1 billion in market capitalization with just over $775 million total.

Aside from being a low cap altcoin, these assets have very few things in common. With little correlation, there seems to be no rhyme or reason as to why these crypto assets are pumping while Bitcoin and Ethereum sink further.

Related Reading | Altcoins Pumping on Cryptocurrency Exchange Listing Brings Back Memories Of Bull Market

The allure of opportunities elsewhere in the crypto market may be prompting profit-taking in Bitcoin and Ethereum. Another theory simply points to these low liquidity assets pumping through very little capital injection.

At under $1 billion in total capital, and with a couple of the projects amounting to just $1 million in market cap, it takes very little money to move the prices of these assets.

With such low market caps and trading volume, any activity in these assets could result in larger gains. Whales know this and could be utilizing the small-cap altcoins to bolster their BTC and ETH holdings ahead of an eventual breakout.

Profit-taking is said to flow out of small-cap altcoins eventually, into mid-cap altcoins. From there, money eventually makes its way back into major altcoins like Ethereum, then back into Bitcoin. That is when the bull market may begin, and then the cycle will repeat all over again.

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