Saturday saw NANO gain over 84% as it climbed back into the top 100. NANO managed to nearly double in price as it surged past the $10 mark.
The weekend has remained predominantly green with altcoins enjoying gains across the board. However it was NANO that stole the show on Saturday as the biggest gainer. The cryptocurrency which has remained fairly quiet up until 2021.
Nano back from the dead
NANO had previously been reviewed by BiC as looking neutral with a potential breakout possible. And it appears the breakout on Saturday has validated the previous technical analysis.
The cryptocurrency soared over 114% on Saturday before seeing a slight retrace. Nanos recent breakout sees it reach a new three year high, last seen in March 2018.
The remarkable price surge can be attributed to the bullish cryptocurrency cycle currently being experienced. Bitcoin continues to see its dominance decline.
The BTC dominance chart has seen the cryptocurrency fall by over 30% in 2021 alone. The last time bitcoin dominance was this low was in September 2018.
NANO has seen a steady climb from its price six months ago. The cryptocurrency was less than a dollar just six months ago. The increase in prices across the board has seen every cryptocurrency gain dramatically during 2021.
Older projects such as Dogecoin have seen phenomenal gains in 2021 as retail traders pile into the market. Dogecoin recently hit an all-time high of $0.45. The meme token was sitting at a mere $0.008 just three months ago.
Altseason is here
The main reason for altcoins seeing big gains daily is quite evident. The bull run has shifted focus from bitcoin, which has also seen incredible gains this year, to altcoins which are now enjoying the bullish market sentiment.
Coupled with mass adoption, the cryptocurrency market continues to grow. The total market capitalization has surged over 189% since the beginning of the year.
What is clear is that altseason is here and the majority of the market are benefitting from the increased attention towards the market. The next question is how long will it last?