In the past week, a large number of altcoins have broken from their sideways ranges to post double-digit gains and it appears that investors are interpreting the current trend as a new ‘altcoin season’.
As historical data shows, these altcoin breakouts typically occur after Bitcoin (BTC) enters a consolidation phase after a sharp rally similar to the one the maket has witnessed over the past three weeks.
For many of the recent top movers, technical analysis traders are simply capitalizing on tokens that show bullish market structure or are on the verge of a breakout due to increased volumes, but there are also coins that are moving higher based off a number of fundamental factors.
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THORChain (RUNE) is one of the tokens which is being driven by more than investor FOMO and the digital asset was also one of the top moving altcoins in 2020.
Strong fundamentals back RUNE’s performance
The THORChain project was founded in 2018 and aimied