Everything is popping!
Is anyone getting 2017 vibes?
Tis’ the time when gains floweth over.
Today, even bitcoin jumped to $9,480 with $1.2 billion in ‘real’ trading volume.
Now, when it comes to altcoins, even XRP spiked more than 7% to nearly $0.20. And yes, Chainlink (LINK) continues to make new highs every day, the latest one being $6.38.
Cardano (ADA) has started to simmer down after days of pumping while Dogecoin (DOGE) is still going strong after Tik Tok users took it upon themselves to push it to $1, but it is still almost 27,000% off from the target. So, that’s to be seen.
VeChain (VET) is also popping today with 24.3% greens; in the past week, it has been up 125%.
So, why are Altcoins’ Surging?
In 2020 after the March sell-off, cryptocurrencies, including bitcoin, recovered handsomely, but while the world’s leading digital asset entered into a tight range, altcoins took this time to fire off.
For the past couple of months, bitcoin’s dominance has also been chipping off, which has been working in favor of altcoins.
Moreover, as we saw in the second quarter of 2020, the stock market has been growing off the charts as well. This growth was propelled by young investors who were at home during the lockdown with free time, internet, and of course, stimulus money in their hands and apps like Robinhood that charges zero commission at their disposal.
The young generation put their money in the stocks that have the least value, even if they were of bankrupt companies. And now, their attention seems to be on crypto.
Robinhood, however, only has seven cryptos listed viz. Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), and Dogecoin (DOGE), and the last one is already being pumped.
This time zoomers had Tik Tok with them to advertise it among their peers and sent the prices mooning.
“Think TikTok will actually become the biggest distribution channel for crypto products,” said Qiao Wang, an independent trader, and startup investor. And if the US bans it, “Then a TikTok copycat will be built and *it* will become the biggest distribution channel.”
This also means, ‘one-man marketing army,’ Tron founder Justin Sun has also found a way to pump his coin.
Does this mean the alt season has officially kicked off?
It looks like it!
But according to analyst Mati Greenspan, “This is more like Alt-Wednesday with a hope of turning into Alt-July,” because “a season implies that it lasts a while.”
But given that “It’s officially “refresh blockfolio every 30 seconds” season,” we are getting signs that say it is an altcoin season.
According to analyst Rekt Capital, over the years, Dogecoin has played an important role in crypto, it either predicts altcoin season or confirms them.
“This time Dogecoin has confirmed Altseason,” he said.
And who doesn’t believe it’s all season, technical analyst Pentoshi has all the checkpoints including soaring Doge price, BTC dominance which has broken a 3-year trend, and the retail on Robinhood and Tik Tok.
Some believe this wildness in the market means Chainlink won’t stop here either; it will only go on to make even new highs.
Amidst this frenzy, trader Crypto Yoda warns about staying vigilant. “Remain cautious about the possibility of BTC suddenly ending this momentum with an impulsive move.”
Meanwhile, Binance CEO, Changpeng Zhao feels, “Not all alts will pump during the next #altszn,” which is “more like 95%.”
“If a project has been around for 3 years but not much to show for, then…A few that have consistently pushed development will thrive,” he said.