In the middle of March the global economy collapsed amid the Coronavirus Pandemic, and the crypto market went down with the ship as well, with Bitcoin (BTC) briefly plunging to $4,000.
Since then Bitcoin (BTC) has become the most lucrative asset in the world with an incredible rally to $12,000. However, not just Bitcoin (BTC) is rallying, many other cryptocurrencies are rallying as well.
Back in mid-March there were just 11 cryptocurrencies with a market cap in excess of $1 billion. In order of market cap from highest to lowest they were Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC), Bitcoin SV (BSV), EOS, Storeum (STO), Binance Coin (BNB), and Tezos (XTX).
Now there are 23 cryptocurrencies with market caps in excess of $1 billion. These cryptocurrencies from highest to lowest are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Tether (USDT), Chainlink (LINK), Bitcoin Cash (BCH), Litecoin (LTC), Bitcoin SV (BSV), Monaco (CRO), Binance Coin (BNB), Cardano (ADA), EOS, Tezos (XTZ), Stellar (XLM), Tron (TRX), Monero (XMR), Cosmos, USD Coin (USDC), LEO, NEO, Aave (LEND), Huobi Token (HT), and IOTA.
This shift from 11 cryptos over $1 billion to 23 over $1 billion reveals how there’s been a broad crypto market rally since mid-March, and it’s not just a Bitcoin (BTC) rally. Indeed, during the same period of time the Bitcoin dominance percentage has dropped from 64% to 59%, so not only are altcoins rallying alongside Bitcoin (BTC), but altcoins are collectively outpacing Bitcoin (BTC) by 5%.
Overall, the current market conditions where we’re seeing a powerful Bitcoin (BTC) rally simultaneous with a broad altcoin rally is reminiscent of the rally of 2017, and suggests the current crypto bull run may just be beginning. This comparison is even more appropriate considering the 2017 rally was largely driven by the 2016 block halving, and we’ve just had a Bitcoin block halving in May.