What is driving the Current Development in the Cryptocurrency Market? UnclearSeptember 19, 2019
Several Altcoins have been on the rise, but it is not the season yet. There were several greens among the Altcoins; however, nearly ten coins which are in the top 100 touched upon the double-digit rise.
Investors are beginning to discuss whether or not the anticipated Altcoin season has already started. The rise in the price of a few Altcoins is a significant factor which is fueling this discussion. Apart from the price, the trading volumes have been going up. The volume of stellar has been going up from 130 million USD to 175 million USD, which is an increase of 34.19%. The amount of the XRP has increased by 33.7% ETH increased by 8.2%, and in the meantime, the Bitcoin has been trading at USD 10,227.
It is not clear as to what is driving the current development in the cryptocurrency market. The dominance percentage of the Bitcoin has decreased, and it is currently at 66.8%. The major reason may be about the Bitcoin consolidating its price.
ETH recently surpassed the 200 USD mark. There have been rumors about Ripple’s partnership with CoinBase.
BitPay, the major crypto payment processor have announced its plans to support ETH soon. It might further extend support to LTC and XRP, which is now in the evaluation stage.
Whether this is a mini alt season? Well, not many agree with it. Mati Greenspan openly tweeted asking people about whether they think that the Altseason has begun. He tweeted: “it’s quite clear that some Altcoins have been performing very well over the last week or two, whereas Bitcoin has been quite stable. It’s still a bit early to say definitively whether this is the start of a new trend or if it’s just some sort of interlude.”
The volume is not very huge, and that is one reason why several investors agree that this is a kind of mini Altseason. The real alt season, according to others will come after the BTC to Alt ratio has been built up. A good Bull Run is required to trigger this move.
TCAT and EDC are two tokens in the rising. Both of these tokens are promising and are listed in COSS exchange partners. These tokens provide users with excellent incentive opportunities. Not all alts are going good, there are some mid-cap coins which have breached their support levels, and they are printing fresh lows daily.