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Bitcoin Bull Tom Lee Says Alt-Coin Bear Market Is Largely Over

Bloomberg business news
'Popped' Cryptocurrency Bubble Shortsighted, Consensys CEO Says

The bear market for smaller cryptocurrencies known as alt-coins is over, according to Fundstrat Global Advisors LLC. But don’t expect the rally to resume just yet.

The firm’s measure of alt-coins shows a 75 percent decline in the group over the past 64 days. The rout comes after a 62-day rally pushed them to unprecedented heights. Based on the trajectories of three previous alt-coin bear markets, where the selloffs lasted roughly as long as the surges that preceded them, Fundstrat says the likelihood that the current drop has ended is high.