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Bitcoin accounts for less than 60% of the total market capitalization with the arrival of alt season 2.0.
Cofounder of trading suite Decentrader Filbfilb said that the prevailing conditions hold right for the Altcoin season to surge with their market capitalization hitting new highs of $750 billion.
When Bitcoin started a rally in January, it hit new all-time highs and stayed stable for a long time above the $30,000 mark. Longhash data at the time showed that 92 percent of crypto tokens had “outperformed Bitcoin” in a week. The occurrence signaled the start of an ‘alt season,’ with several analysts predicting that alts like Ether and ADA will continue to reign High.
Is Alt-Season 2.0 Really Happening?
The new “alt season” starts amid yet another major Bitcoin price correction, as seen earlier in January. Following its record-breaking ATH of more than $61,000, Bitcoin has lost nearly $10,000 in the last two weeks. Furthermore, bitcoin’s supremacy has dwindled to 59.39 percent as of March 29. This is the lowest amount in the last three months. In the meantime, the overall market capitalization has increased.
Also in the beginning of 2021 ether was soaring high and was up by 22% against BTC giving hints that it could be the potential competitor for bitcoin. Also it is receiving mainstream adoption by the users adding fuel to the altcoin rally.
Meitu, a Chinese tech firm, had already agreed to buy 15,000 Ether units. Visa, the world’s largest payments network, recently announced that it will settle transactions in USDC over the Ethereum network today. Such innovations could nudge retail attention toward Ether, which is already on the rise.
Cardano’s ADA is in the same boat, having just flipped many other alts to become the third-largest crypto by market capitalization. The coin was quickly replaced by BNB, which increased by 2131 percent over the course of the year, establishing itself as another rising alt. Meanwhile, crypto traders are still bullish on alts, especially Ether.
Bitcoin price today at the time of writing is $58,058.46 with a 3.3% price surge in the last 24 hours.