Altcoins Are Making Big Moves

Altcoins are all the rage today as the cryptocurrency market continues to get broader and deeper.

•  Litecoin (LTC, Tech/Adoption Grade “B-”) is up about 12% today and has set a new yearly high.

•  Chainlink (LINK) has blasted off to set a new all-time high today above $51.

•  Dogecoin (DOGE, Tech/Adoption Grade “C+”) is up more than 100% in a seven-day span.

Litecoin is up more than 27% in just the last three trading days alone, as it’s now surpassed its yearly high and is fast approaching its all-time high near $420.

Some analysts have been known to use Litecoin as a top signal and are therefore worried about the state of the rest of the market if LTC were to push past those previous highs. Considering just how much Bitcoin (BTC, Tech/Adoption Grade “A-”) and Ethereum (ETH, Tech/Adoption Grade “A-”) have gained relative to their previous bull market highs, I wouldn’t get too worried about Litecoin crossing $420 just yet.

All that being said, it’s interesting just how strong this push has been, as LTC recovered very nicely from the late April dip. LTC is definitely in a bullish phase right now, and it doesn’t appear to be slowing down.

Here’s LTC in U.S. dollar terms via Coinbase Global, Inc. (Nasdaq: COIN):

Chainlink’s impressive surge continues, as it set a new all-time high just above $51 before retracting to $47. The decentralized oracle network token has traded up 20% in the last three days alone, setting itself apart from other leading decentralized finance (DeFi) projects.

Chainlink did lead during the DeFi summer of 2020, and if that trend takes hold again, we might start to see other DeFi coins blast off in the days to come. 

LINK is trading well above its 21-day moving average, and we remain very bullish on this project.

Here’s LINK in U.S. dollar terms via Coinbase:

Dogecoin, the shiba inu token loved by Tesla, Inc. (Nasdaq: TSLA) CEO Elon Musk and Dallas Mavericks owner Mark Cuban that started as a joke in 2013, has gone absolutely bonkers in 2021. In fact, DOGE is up more than 1,000% since the start of April, as traders attempt to push the meme coin to $1.

It’s currently trading around 65 cents, having crossed 70 cents earlier in the day to set a new record high. 

Similar sentiment that pushed GameStop Corp. (NYSE: GME) and other meme stocks to huge price leaps is behind this move in Dogecoin, highlighting the power of retail investors.

While DOGE has rallied so significantly this year, we’d still like to point out the lack of fundamentals in this project. We’d also like to reiterate that investing in DOGE is essentially a risky gamble with a lot of potential downside.

Here’s DOGE in U.S. dollar terms via Binance:

Notable News, Notes and Tweets

•  In huge adoption news, crypto custody firm NYDIG will apparently expand its efforts into U.S. banks now.

•  Mike Novogratz’s firm Galaxy Digital has acquired crypto custody firm BitGo for $1.2 billion.

•  Pomp reports that Grayscale Investments has agreed to become the first crypto sponsor of an NFL team, the New York Giants.

What’s Next

Dogecoin’s rise in 2021 just goes to show what retail investors can do, and it also highlights the power of decentralized digital currencies.

Up until now, the true power in investing was held mainly by institutions and accredited investors. But crypto and DeFi level the playing field for retail investors, much to the dismay of many old-school investors. Look at the pushback from people like Warren Buffett and Charlie Munger.

The developing landscape is full of opportunity for individual investors. They can now invest at the earliest stages of a project’s lifespan — much earlier than traditional institutional gatekeepers ever even contemplate allowing. 

We’ll continue to cover the DeFi revolution, and we’ll continue to study the landscape for the best opportunities emerging this altseason.


Best,

Alex

About the Crypto Analyst

Alex has been actively researching and investing in cryptocurrencies since 2017. He contributes research and reports to several Weiss crypto publications, with a primary focus on helping to create crypto trading strategies.

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