- Being the crowning cryptocurrency, Bitcoin attained its top position and has been maintaining it ever since its inception.
- The recent dump in the value of Bitcoin has urged traders to look at the alternative coins available in the market.
- That being said, the crypto community is naming the current market scenario as ‘Alt season’ as most of the altcoins are showing a bullish trend.
- Is it really an ‘Altcoin Season’? The community thinks so.!
It seems that the crypto space is looking at Altcoins more seriously as Bitcoin. As per the recent data, more than 5000 cryptocurrencies exist in the market, out of which some altcoins are the preferred portfolio option for most of the traders and investors. Given the popularity of cryptocurrencies, one can expect a new coin or a token to be released almost every day!
Altcoin Season 2020 – Has it Arrived Already?
Bitcoin is more than a decade old cryptocurrency and well-established. While most traders and analysts have been betting high on Bitcoin, they’re keeping a close eye on altcoins as well. Ethereum (ETH), XRP, Tether (USDT), Dogecoin (DOGE), Binance Coin (BNB), Cardano (ADA) and others are the preferred altcoins for most traders lately.
Investors looking out more options among the cryptocurrencies do not signify that they have lost interest in Bitcoin. Rather, the crypto ecosystem is growing more rapidly. Fresh innovations with the capacity to stand-by with the latest trends in the crypto space like high transaction speed, low fees, and volatility will shine in the market.
As Coinpedia recently reported ‘XRP, DOGE, ADA, and Vechain making the new waves in the crypto industry, veteran trader Peter Brandt states ‘Ethereum’s bullish breakout against Bitcoin signifies ‘New Altcoin Season’.
Significant breakout in $ETHBTC with the target of .03276 $BTC $ETH Most alts should gain on #bitcoin in near future, tweeted trader and analysts Peter Brandt.
On a similar note, Nicholas Merten, Youtuber, and crypto analyst also emphasized the trend of the alt season. Tweeting on July 08, he says “For the first time, we’ve stepped above the line of resistance for altcoin market dominance”.
Interestingly, TradingView, a cloud-based charting, and social-networking software indicate the major ‘strong buy signal’ for most altcoins. Ethereum, Verge, Zilliqa, Kyber, VeChain, Maker, Doge, Cardano, and others are popping up with strong buy signals. Among all major altcoins, the meme-cryptocurrency, Dogecoin (DOGE) ranked with a 50% surge at one point this week.
Community Speculating Which Alt to Look For.!
As per some reports, Bitcoin and Ethereum are expected to be in the top 5 list of 2025. Many other coins other than the above listed can also gain popularity by 2025. These altcoins are BNB, EOS, Chainlink, Bitcoin SV, and NEO.
After all, the future in cryptocurrency is uncertain. However, influencers and top leaders of the community often create a sense of excitement with their posts. So is this time. The high profile crypto Twitter profile, The Crypto Dog discussed ‘alt-season’ with its followers close to 200K. Responding to the tweet ‘about ‘altcoin announcements” season, crypto community names, and speculates on their favorite altcoin.
Another influential profile, ‘The Moon’ took to Twitter and questioned ‘What’s your favorite altcoin?’. The post was flooded with several altcoins as a response. While some say ‘Digibyte’, MTXLT, others added ‘BNB’, ‘CRO’, and whatnot.
Well, the crypto community is strongly eyeing on altcoins, but there’s one bitcoin bull, Max Keiser who says ‘Bitcoin is the only cryptocurrency’ and it will eviscerate other ‘altcoin and government subsidy-welfare bums’.
In a nutshell, it’s interesting to watch the space and the performance of these altcoins alongside Bitcoin.
So readers, which altcoin is your favorite? Or are you super bullish on Bitcoin like Max Keiser? Let us know via Twitter.