Bitcoin Just Hit a New All-Time-High. Here's What That Could Mean for Other Cryptocurrencies.
During the first three months of 2024, crypto traders have been utterly transfixed by the drama of Bitcoin (CRYPTO: BTC) decisively smashing through its former all-time-high of $69,000. Now trading just north of $72,000, Bitcoin has the attention of all investors, who are wondering just how much higher it might go this year.
The good news is that any bull market rally for Bitcoin tends to lift the fortunes of all cryptocurrencies. It's a classic case of a rising tide lifting all boats, and that's exactly what seems to be happening now. Bitcoin may be up 70% for the year, but a growing number of cryptocurrencies are now up triple digits for the year. Let's take a closer look at why that's happening and how sustainable the rally in other cryptocurrencies might be.
For crypto investors, one of the most highly anticipated periods of any sustained Bitcoin rally is known as "altcoin season." This is the time of the market cycle when low market cap (and often highly speculative) cryptocurrencies gain favor with investors and really take off. In fact, many of them can outperform Bitcoin during this period, and so there's a mad scramble at the outset to find the altcoins with the highest upside potential.
Source Fool.com
