ZyCrypto - 1/14/2020 8:06:46 PM - GMT (+0 )
The last couple of hours have been every cryptocurrency holder’s dream come true. Particularly for altcoin holders, the last few hours have brought nothing but good fortune. After missing for a couple, market bulls are back and they are asserting their dominance.
In a couple of hours, they have added billions of dollars to the market and now it stands at around $240 billion. Much of the gains have come from altcoins with Bitcoin enjoying relative gains.
While Bitcoin enjoys gains of around 8%, other major coins are recording jumps of up to 90% in the case of Bitcoin SV. A majority of altcoins, however, are seeing gains of 10% to 30%. So does this mean the return of the altseason?
For the better part of 2019, there was a lot of talk about the altseason making a return. During this time, the market generally sees Bitcoin outperformed by other cryptocurrencies. It also sees its dominance drop rapidly as investors choose other cryptocurrencies, which perform better than the market leader.
So far, all this has taken place. While Bitcoin is rallying by 8%, Ethereum and XRP are rallying by 14% and 13% respectively. The same goes for other major cryptocurrencies with all top ten cryptocurrencies enjoying double-digit gains.
In regards to market dominance, Bitcoin which was earlier in the day above 68% has at the time of writing this fallen to 66.5%. This is expected to continue dropping if altcoins continue performing better than Bitcoin. Bitcoin holders are however not to be alarmed unless its dominance falls below 60%.
The altseason is back. And it could not have come at a better time. Bitcoin is in the next few months going to surge to new highs inspired by its block halving. Altcoins are now getting a head start before Bitcoin can begin its rally. The altseason will see altcoins garner up some dominance and avoid losing to Bitcoin during the upcoming halving. The dominance they accumulate now will further ensure they enjoy strong support and ensure higher lows if Bitcoin begins outperforming them.