Bitcoin is now up 2.1% on the day and 12% over the past month to $4,023, giving the largest digital currency a $70.78 billion market cap.
Despite Bitcoin’s positive trend, it looks as if altcoins have taken the lead in recent weeks, as the AltDex 100 Index (ALT100) is currently up 2.4% on the day and 15.4% over the past month.
Notable gainers in the ALT100 over the past month include Litecoin (LTC) and Stellar (XLM), both of which are up over 40%. Litecoin has benefited from a bullish breakout above its 200-day moving average, while Stellar has performed well since unveiling its 2019 roadmap and rebranding the project.
Taken together, it seems that major altcoins are beginning to lead the market out of its year-long bear market, despite Bitcoin struggling to break out above $4,000. While these altcoins are still relatively small compared to Bitcoin, the gains witnessed in multiple coins including the largest exchange token, Binance Coin (BNB), may be enough to turn investor sentiment positive.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.