This Historical Trend Is Set to Replay in This Present Bull Cycle: Bitcoin (BTC) vs ETH, XRP, LINK, BNB

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The year has been quite remarkable for the majority of Altcoins as seen in their year-to-date (YTD) returns even surpassing that of Bitcoin. A recent report highlighted YTD returns of Cardano (ADA) as 224%, Ether (ETH) 217%, Monero (XMR) 182%, Binance (BNB) 123% while Bitcoin’s YTD stands at 83%. Chainlink has outperformed every other cryptocurrency with year-to-date returns of over 600%.

Major cryptocurrency 2020 returns comparison. Courtesy: The TIE

The worst performers out of the major cryptocurrencies, especially the top ten are Ripple (XRP) and Bitcoin Cash (BCH) which are both down by 94% from their all-time highs. Among the major cryptocurrencies, Binance Coin, Bitcoin, and Chainlink are closest to their all-time high prices.

Analysts and traders have noticed a trend that usually plays out in most bull cycles which is also corroborated historically – during bull cycles, Bitcoin was always the first to experience a rapid uptrend. Then, Altcoins followed suit mostly after BTC reaches new highs or ATH as the case may be.

Traders believe there are likely chances this historical trend replays out in this present price cycle, not expecting an Altcoin recovery until 2021 when BTC may have settled and rounded off its rally. At present, the Bitcoin market dominance of 63.6% is gulping the volume of Altcoins.

Recently, researchers at on-chain analytics firm Santiment noted the growth in volume and dominance of Bitcoin as Chainlink (LINK), Ether (ETH) and Binance Coin (BNB) tried to match up. This was stated:

“The dominance involving #Bitcoin is continuing to display itself, particularly via trading volume. When comparing other top blockchains in the past day, note the decline in $ETH, $XRP, $LINK, and $BNB trading volume, while BTC’s levels stayed high.”

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