Bitcoin’s 2019 Rise Has Been Breathe of Fresh Air But Altcoins Still Awaiting Their Own Rally Again
- Bitcoin is getting closer to its all-time high but many altcoins are lagging behind
- Digital currencies are expanding in the market but they have a long way before reaching their ATHs
Bitcoin (BTC) has been growing at very fast rates during the last months, however, altcoins are lagging behind and are falling in terms of BTC price, with just a few exceptions. As the price of the most popular virtual currency grows, many experts and enthusiasts are expecting other digital assets to follow the trend.
Will There Be An Alt Season?
The main questions that many individuals are asking is whether there is going to be a new alt season in the market. According to The Wall Street Journal, it is not time to call for a “crypto comeback” as of yet.
Although Bitcoin is getting closer to its all-time high, many other virtual currencies are still far from reaching their highest point. For example, Litecoin (LTC), that has expanded over 400 percent since its bottom in December 2018, it is close to 70 percent down from the all-time high it reached at the end of 2017.
EOS is 75 percent down from its all-time high, Ethereum (ETH) almost 80 percent down, XRP almost 90 percent down and Bitcoin Cash (BCH) is over 90 percent down, as reported by The Wall Street Journal.
At the same time, CoinMarketCap shows that Bitcoin is reaching the highest dominance in the crypto space in almost two years, with the exception of a short period of time in 2017. Bitcoin has currently a market dominance of 61.5 percent with a market capitalization of $197.76 billion.
There are some experts such as Peter Brandt that consider that an altcoin season may not happen in the future. He compared altcoins with several dot-com companies that fell after skyrocketing and that were never able to recover their all-time highs.
Many altcoins benefited from the last bull run in $BTC
Cryptomaniancs expect alts to do so again – they may be very disappointed
2000 .com bubble is analog
Following 2001-02 tech collapse, dotcoms with real value exploded
The "alt" .coms went bankrupt
— Peter Brandt (@PeterLBrandt) June 27, 2019
There are some exceptions that are worth mentioning. Binance Coin (BNB) has already surpassed its all-time high and it has reached the top 10 cryptocurrency market, something that seemed impossible a year ago. Chainlink (LINK) has also surged over 1100 percent since the beginning of the year and it is also getting closer to the top 10.