- Weekends are for altcoins to make gains, this time it’s BAT, IOTA, Cardano, and EOS’s turn
- Altcoins will continue to catch up but investors getting “picky” about cryptos
This week has been a good one for altcoins as they surged in a long time while Bitcoin remained flat around $10,000.
If we take a look at the past 7 days performance of cryptocurrency market, while Bitcoin is in the green by just over a half a percent, top altcoins, Ethereum and XRP are still up by more than 17% and 10% respectively.
Stellar (XLM) is the biggest gainer with 22.54% gains followed by IOTA which is enjoying a rise of 20.65% in its value.
Other prominent gainers in terms of 7 days performance are Cardano (13.11%), LINK (14.37%), Maker (15.46%), BAT (18.67%), VeChain (14.14%), and ABBC Coin (1884%), as per Coincodex.
Today, altcoins are in the red with a few exceptions like BAT (6.66%), IOTA (3.04%), Tron (0.66%), Cardano (1.40%), and EOS (2.96%).
“Altcoins will continue to catch up”
Bitcoin is the king of the cryptocurrency market. In 2019, Bitcoin price soared more than 160% and BTC dominance went from 53% to 73%.
But now as Bitcoin takes a breather and its dominance start dropping below 70%, it might be time for altcoins to catch up “Altcoins will continue to catch up,”
Scott Freeman, co-founder of JST Capital told Bloomberg.
“With the realization that these technologies now are being adopted, they’re starting to solve real problems, and it’s coming to fruition at some level where the value proposition of these things is being recognized more broadly.”
But have to wait for a Bit Longer
Market analyst and trader CryptoWolf says while Bitcoin is expected to trade sideways for the next few months as the trading range gets thinner with possibly of dumps, “It’s alt time. Whether you like it or not.”
However, not everyone is sold on the idea of alt-season. It could be a bull run for some of the altcoins but not a massive one, for that matter.
For Mati Greenspan, eToro’s senior analyst, it’s too soon to call it the start of an alt-season.
“People are getting a bit more picky about what they’re investing in as far as cryptocurrencies. Seems like those who’ve been waiting patiently for the emergence of a new altcoin season are just going to have to wait a bit longer.”