Is This Simple Cryptocurrency Research Chart on Altcoins Enough to Move the Market Needle?
The cryptocurrency market has been in a bear trend throughout 2018 and the beginning of 2019.
There are some individuals and experts that believe that the crypto market could have bottomed and Bitcoin may start to grow once again.
Could We Start an Altcoin Season?
There are several altcoins that are starting to grow and perform in a very positive way compared to Bitcoin (BTC). According to Google Trends, there is a spike in interest in the altcoin market. Indeed, there is a larger interest in the altcoin market than a year ago, after the crypto bubble that drove crypto prices to all-time highs.
This spike in altcoins as reported by Google Trends could be related to how the algorithm they have to search for data works. The “altcoins” topic could include digital assets such as Litecoin (LTC) or Decentraland (MANA), among others.
Although it seems that there is an interest for altcoins in Google Trends, this could only be a new way of gathering data. Indeed, Bitcoin market share has remained stable since August 2018. Bitcoin’s market share reached a high in September 2018 when it accounted for over 57% of the total market capitalization.
On December 24, Bitcoin reached its lowest point in the last 7 months. At that time, Bitcoin’s market share dropped down to 51.01%. Now, Bitcoin has 51.14% of the total market capitalization.
Nonetheless, it is possible to see that since February 15, there is a growing trend in the altcoin share of the market capitalization. Other digital assets moved from 19.74% to 21.93%, according to data provided by CoinMarketCap. Although the increase is not massive, digital assets such as Litecoin and Binance Coin (BNB) among the top 10 are registering the largest gains.
Meanwhile, XRP and Bitcoin have lost 1 or 2 percentual points during the last few months, and Ethereum remained stable.
At the time of writing this article, Bitcoin is being traded close to $3,900 and it has a market capitalization of $68.8 billion. The best performing Altcoin among the top 50 is Lisk (LSK) followed by Stellar (XLM) and Nano. They are growing by 16.53%, 6.7% and 5.88% respectively. Bitcoin, instead, has registered a growth of 0.16% compared to 24 hours ago.
The five largest digital currencies in the market, Bitcoin, Ethereum, XRP, Litecoin and EOS, account for 76% of the whole market capitalization. In the last 24 hours, none of them experienced moves larger than 0.25%.