Bitcoin price is less than a few hundred dollars away from a new all-time high. The closer the highest ranked cryptocurrency comes to its previous peak, the more bullish the altcoins react.
A crypto analyst shared a chart showing what can happen to altcoins when bitcoin finally breaks its all-time high.
Ripple, Ethereum and other major altcoins will tear apart as Bitcoin approaches all-time high
Bitcoin broke over $ 19,000 this week and faces very little resistance about it before a new all-time is set. Even today, at the time of publication, a new record could be set and history made.
The closer the top crypto asset by market capitalization gets to its previous high, the more altcoins break out and become parabolic, just as Bitcoin has done in recent weeks.
Related reading | Why Ripple recaptured third place from Crypto Stablecoin Tether
After retesting $ 10,000, the price per coin almost doubled. But just as the shocking rally is nearing a climax – ending in a correction, a new high, or both – the altcoins breakout is almost as breathtaking.
The ripple has increased by over 200% in the past few weeks and has more than tripled. Ethereum, Litecoin, Cardano and other popular altcoins from the last crypto bubble are gushing again.
The next record breaking Alt-Season and Crypto Bubble is here
As sideline viewers watch Bitcoin drift out of reach for most investors, they are turning their capital over to cheaper altcoins that have historically outperformed the number one cryptocurrency.
Bitcoin has seen over 150% return year-to-date for this insane year, while Ripple has gained more than that much in the past two weeks alone. Ethereum is up over 350% since the start of the year, and the lower the list by market cap, the higher the profits.
Related reading | Bitcoin and Dollar Dominance: Five Factors Behind Current Altcoin Season
A look at the recent market cycle could suggest that this phase of the crypto market cycle is just beginning and an analyst provided an example of what the next altcoin season could look like if Bitcoin breaks its all-time high.
After Bitcoin hit a new high, the total altcoin market capitalization decreased, BTC dominance declined, and incredible wealth emerged as these illiquid assets increased.
When Bitcoin approaches and breaks its all-time high, an altcoin buying frenzy takes place | Source: CRYPTOCAP-TOTAL2 on TradingView.com
With the dollar nearing a death spiral, crypto absorbing gold capital, and the stock market nearing tank, this bull market and bubble could make the last one look like nothing but a bit of fizz before the imminent explosion.
Featured image from Deposit Photos, Charts from TradingView.com