The digital currency market appears not to be exhibiting any particular trend at the moment as major cryptos have initially recuperated from the September selloff. Moreover, some of the altcoins have bounced back to the pre-selloff levels; still, they mostly stayed in the upper side of the current trading range and still, they have not established a trend reversal.
Current Scenario of Altcoin
Currently, the situation seems to be changing. Several altcoins have lost a lot of significant value that they are geared up to start another market cycle. This provoked a group of reputable traders to begin feeling bullish about the possibilities of these coins. They accept that an alt season or altcoin season is seemingly on the Horizon.
- In the fast-paced world of cryptocurrencies, there is no deficit of scams. Shockingly, this reality has instilled a kind of polarization in the space, where, at times, regardless of how great the idea is, it is not acknowledged.
- Micro-economics are in great demand for different customized projects and initiatives, which still exist. This is the place where altcoins and other unique tokens like those of Simple Ledger Protocol (SLPs) can enter and give flexible service to significant players.
- The quantity of coins available has multiplied aggressively over the previous years, so filtering through the tokens to discover the best coin can be a tedious assignment. Earlier in May 2018, there were around 1,500 altcoins available on the market. Afterward, it increased to more than 2,300 coins.
Fluctuations in Bitcoin Price allow Altcoins to Shine
Over 2019, Bitcoin’s price bracing into another bull market run has taken out all the enthusiasm and capital out of the altcoin business, causing mass capitulation. Bitcoin has been trading between the range of 8000 to 9000 for quite a while now. Due to the volatility, crypto traders have opted for altcoins like Ethereum and Ripple.
Altcoins start to take-off
As Bitcoin price surges and altcoins start to take off, Bitcoin’s influence seems to be falling. Any alt season that happens over the weeks following Bitcoin’s idleness is probably going to be short.
It is a known fact that in the crypto market, altcoins regularly have their bull market season after Bitcoin has completed its course. With Bitcoin dominance breaking above 60 percent, it appears that the altcoins will soon be able to reach new peaks.
While we have seen the proof demonstrating that the current economic situations appear to be progressively ideal to altcoins, nonetheless, we can see that it is still too soon to require another new beginning of an Altcoin Season. In spite of the improved specialized indicators, altcoins’ social metric appears to be revealing a different report.
First Published at Is the Next Altcoin Season on the Horizon? – CryptoNewsZ