Alt Season 2.0: Ethereum and XRP Post 20% Gains, Litecoin and More Up 10%
Story by: Tony Spilotro
At the start of 2019, altcoins like Litecoin, Ethereum, and XRP started to climb and show glimmers of hope that the bear market might finally be over, but a powerful parabolic Bitcoin rally sucked the momentum and capital right out of the altcoin market.
But now that Bitcoin price is stagnating, altcoins are once again starting to rise, posting some of the largest gains seen in all of 2019. It’s caused even the most pessimistic crypto traders to consider that alt season may be finally upon us.
Ethereum, XRP, and Litecoin Lead Alt Season 2.0
Alt season has become a bit of a meme throughout the bear market, with crypto analysts loudly calling for one each and every time altcoins begin to bounce during their continued downtrend. And each and every time altcoins eventually get swatted back down to continue the bleeding.
There are presently only two alt coins in the red on Binance. It’s alt season 2.0, and has been for a while. Get it while it’s hot.
Related Reading | Bitcoin Stagnant in Short Term Could Lead To Mini Altcoin Season
Ethereum has been leading the charge, with as much as 20% growth. XRP , one of the worst-performing crypto assets of 2019, has also gained around 20% even as sentiment surrounding the altcoin hits an all-time low. EOS and Dash are also up by a similar margin.
Past 7 days…
Ethereum, EOS, Dash, and XRP are up about 20%.
Litecoin, Cardano, Tron, Tezos, and IOTA are up about 10%.
Bitcoin is up 0.5%.
The boom in altcoins is due to extremely oversold conditions, and a breakdown in Bitcoin dominance – a metric that weights the king of crypto against the rest of the market. But depending on the type of formation that BTC dominance is in, it could spike back up, wiping out any gains altcoins have seen during this rally.
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