Crypto Altcoin Season incoming? The Crypto Altcoin Season is something that we’ve sorely missed since the epic bull run of cryptocurrencies in 2017. All signs are pointing to another one incoming. The altcoin market has risen an explosive $56 billion dollars this year.
To start off, Bitcoin Cash and Bitcoin SV have risen by 130% and 280% respectively. Ethereum has notched up 95%. XRP has gone up 54%. EOS is up over 100%. In total, over 5,000 tokens have woken up to deliver twofold and sometimes threefold gains.
At the same time, Bitcoin is up just by 46% – which is a great return for a traditional asset, but when looked through the lens of cryptocurrency and cryptocurrency gains, it hasn’t done as well as some of its peers.
Altcoins are currently seeing capital inflowing from two sources – Bitcoin and US Dollars. All leading cryptos have logged extensive gains against Bitcoin due to two reasons – Bitcoin’s relatively weaker growth against the USD, and the liquidity offered by hundreds of big and small crypto exchanges around the world.
Another big reason for cryptocurrency’s gains is the Coronavirus. The epidemic has claimed more than 1,000 lives and has infected over 40,000 people across the world. Global equity markets have taken a hit as well, and investors are searching for safe havens.
Even Gold is maintaining gains against an ever stronger US dollars.
GalaxyBTC today said that a bitcoin correction could cause a hysterical price pump across the altcoin market.
And no i'm not talking in USD value but in BTC.
The one that actually counts.
— Galaxy (@galaxyBTC) February 12, 2020
CryptoHamster additionally noted that there is no clean high on short-term bitcoin charts, adding that the cryptocurrency could correct.
There is no clean high yet on a 4h TF.
But without continuation of the growth some bearish divergencies could have a chance to be formed. If it happens, a new correction would start very likely. $BTC $BTCUSD #bitcoin pic.twitter.com/SEHWgftFsT
— CryptoHamster (@CryptoHamsterIO) February 12, 2020
This just means that we could be facing a fantastic move up for the crypto altcoin market.
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