GME Surpasses Bitcoin’s Annual Gains, Prompting Altcoin Rally?

GameStop shares have seen a significant increase in value, surpassing the yearly returns of Bitcoin in just one day. According to TradingView, GameStop’s returns for the year are up over 154%, while Bitcoin’s returns are just over 129%. The majority of GameStop’s gains have occurred in the past two days, with a price increase of over 105% on May 14th. This surge began on May 13th when Keith Gill, a key figure in the GameStop short squeeze earlier this year, returned to social media after a long absence.

During the COVID-19 pandemic, retail traders rallied behind GameStop, causing a massive short squeeze that resulted in a more than 1,000% increase in the stock price. Following Gill’s return, GameStop shares rallied as much as 111% in the 24 hours that followed. This has led to speculation about whether some of the profits from GameStop will flow into the altcoin market, similar to what happened during the previous bull cycle.

The renewed interest in GameStop has sparked hopes of another altcoin rally, similar to what occurred in 2021. According to CryptoAmsterdam, historical chart patterns indicate that the altcoin rally was triggered shortly after the GameStop rally. The current formation of the altcoin market capitalization is also similar to that of 2021, further fueling expectations of another rally.

Rekt Capital’s analysis aligns with these expectations, predicting that altcoins will hit their local bottom around the beginning of June before the start of the altcoin season. While most altcoins have not yet reacted to the GameStop rally, some memecoins, such as Pepe, have seen an increase in value since Gill’s return to social media.

It’s important to note that the investing environment has changed since the previous bull cycle. The outstanding shorts on GameStop are much smaller compared to 2021, which could limit the size of the upward movement. Factors such as interest rates and global fiscal stimulus, which influenced the market in 2021, are not as pronounced currently.

GameStop’s recent surge has led to speculation about whether the profits will flow into the altcoin market, similar to what happened during the previous bull cycle. Historical chart patterns and the current formation of altcoin market capitalization suggest that another altcoin rally may be on the horizon. It’s important to consider the differences in the investing environment compared to 2021, which could impact the extent of the rally.

Montgomery Bonnette

Montgomery Bonnette

10 thoughts on “GME Surpasses Bitcoin’s Annual Gains, Prompting Altcoin Rally?

  1. Another GameStop hype train? Spare me. We’ve seen this before and it always ends in disaster.

  2. GameStop is on a journey to the moon! I’m loving every second of this exciting ride.

  3. Rekt Capital’s analysis aligns perfectly with my expectations. 📊 Altcoins are about to hit it big! 💥

  4. Can you believe the similarities between GameStop’s rally and the previous altcoin rally? Brace yourselves for what’s to come.

  5. It’s amazing how GameStop is surpassing Bitcoin’s returns. Who knew this stock had such potential?

  6. The renewed interest in GameStop has me feeling optimistic about the altcoin market! Let the rally begin.

  7. Great, another altcoin rally. Can’t wait for the bubble to burst and watch everyone lose their money.

  8. GameStop is hitting it out of the park! The rally is incredible, and I’m here for it.

  9. The GameStop surge is taking everyone by surprise! I’m so excited to see how this unfolds.

  10. The GameStop short squeeze earlier this year was just the beginning. This recent surge is proof of its resilience.

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