Bitcoin Boom will not Lead to the Dying of AltcoinsAugust 1, 2019
In the line of TCAT tokens, Nano, Egretia, Tezos, and Raven coin have been working hard to develop further to improve on their adoption. Ever since the bullish trend started for the Bitcoin, these coins have been doing truly well.
Raven Coin showed a price spike by 50%. Exchange listings and updates are the factors, which moved RVN. Tezos showed a 51% increase. XTZ used to be a great performer during the past weeks and continues to have good price reaction. Egretia has been up by 56%. Nano has been up by 68%.
Bitcoin dominated the market, and several alternative coins have been suffering. The question of when the Altcoin season will boom continues to be a common query.
CZ Binance tweeted: “The difference between the 2017
#altszn and the next one is that this
new one won’t just have whitepapers. Projects in the next #altszn will have products and users.
They are still risky investments, but the industry is much healthier now.”
CZ meant to state that several thousands of projects started with fundraising without any real projects, but they did so only with pitching whitepapers and investing in aggressive marketing. The hype was so strong, eventually making the ICOs raise millions, which were not used for anything fruitful and only going underwater afterward.
This is not possible now. The industry has been very mature, and people are very cautious when it comes to buying into such products.
When the wider market is looked in to, there has been slight signs of weakness of the Bitcoin. The Bitcoin Dominance Index stands at 64.6%, and all the major Altcoins are making small increases. Whether the temporary weakness of Bitcoin will provide a Boost for the Altcoins that are currently suffering will be known shortly.
Several Altcoins in the market today have gained more than 6%. This is true with Altcoins like JCT, XTZ, GXC, ZIL, NEXO, NEX, XMX, GNT, LINK and NPXS. JCT, XTZ, and GXC are up by 15%.
The price of the Bitcoin has rebounded from the 9,150 support level. The BTC/USD should surpass the 9,800 USD and 10,000 USD resistance levels if they need to be able to continue higher in the coming sessions. Otherwise, the price will drop back to USD 9,500 or USD 9,350.
While the rise of the Bitcoin has meddled up with the Altseason, several Altcoins have seen some decent volatility and gained recognition substantially.
Max Keiser, Heisenberg Capital co-founder, opines that Altcoins will not progress any further and that all money, which is poured into the Bitcoin, will be directed to Bitcoin in the near future.