Altcoins have been slowly staging a comeback of sorts after dropping to early 2017 lows in value against earlier this year. Interestingly enough, most of the gains tended to happen on weekends.
Altcoins seem to really shine during the weekends — that’s what the last few months have been indicating for many of the leading cryptocurrencies. Bitcoin has been losing steam since July, consolidating around the $10,000 price point, but now altcoins are playing ‘catch up.’ In fact, in eight out of the past ten weeks, Ethereum has outperformed Bitcoin.
Other cryptocurrencies, like Ripple’s XRP, have been posting similar gains against BTC. In seven of the last 11 days at the time of writing, XRP has performed far better than BTC. This has caused some to claim that the so-called ‘alt season’ is soon upon us. However, there’s skepticism over whether such a concept even makes sense anymore since the market is so diluted with so many different cryptocurrencies.
It’s not just altcoins which are staging a comeback, however. There has been a resurgence of interest in Bitcoin and blockchain technology more broadly, with major banks and companies announcing that they are in the process of creating their own distributed ledgers. With Bakkt set for release on Monday, it seems that the cryptocurrency industry is on the precipice of a breakthrough of sorts.
So, given these conditions, it makes sense altcoins are staging a comeback. Some might even say it’s ‘about time’ given that Ethereum, for example, was sitting at BTC values not seen since early 2017 despite the network being many times larger than it was then. The question is, which of the top-20 cryptocurrencies will fall behind during this next market movement?—and will we see some new cryptocurrencies break into the $1B market capitalization in the coming year?
Do you think ‘alt season’ is coming? Let us know your thoughts below in the comments.