Currently, there are several analysts and enthusiasts that believe that there is an alt season starting in the market. Altcoins are digital assets other than Bitcoin (BTC). Since 2019 started, the market has behaved positively, allowing investors to feel more confident about the future of the space.
Altcoin Season Started
Since December 2018, Bitcoin has been trying to find a bottom after a year-long bear market. Finally, it seems that it was able to find this bottom. On April 2, Bitcoin surged 12%, registering an increase of almost $1,000 in just a few minutes.
Some altcoins seem to be experiencing a similar trend. According to Mati Greenspan, a Senior Market Analyst at eToro explained that Bitcoin dominance is falling and that altseason is “upon us.” Bitcoin’s market dominance is falling.
Since September 2018, Bitcoin’s market dominance fell from 57% to almost 50% a few days ago. Nonetheless, Bitcoin’s market cap is starting to recover. Just a few hours ago, Bitcoin’s dominance increased to 51.5%.
Traders and individuals that have been purchasing some altcoins have earned some interesting return on them. For example, Enjin (ENJ) grew over 983% in the last months. The same happened with Binance Coin (BNB) that surged 316%. Tron (TRX) has also experienced an interesting price increase of 214%.
In just three months, several altcoins were able to register impressive growth. The gains show that there was an interest to move away from Bitcoin to other altcoins. However, things seem to have changed in the last few hours, when Bitcoin’s price surged in just an hour. As Bitcoin traded sideways, participants in the market had confidence in the altcoin market.
Now that Bitcoin started to move upwards once again, altcoiners might move their funds to Bitcoin in order to trade a more traditional cryptocurrency. Meanwhile, it is also possible for those conservative investors trading just Bitcoin to try their luck in other altcoins after this price surge that the most popular cryptocurrency experienced. This is something similar to what happened back in 2017 when Bitcoin reached its all-time high and then altcoins started to grow when Bitcoin was falling.
Currently, Bitcoin is the 10th cryptocurrency by 24h growth. The fastest growing digital assets in the last 24 hours were REPO (REPO), Nano (NANO) and Waltonchain (WTC) with price increases of 67%, 23% and 22%, respectively.