Altcoins
Altcoin Season May Be Here, Say Glassnode Co-Founders
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Jan Happel and Yann Allemann, co-founders of the popular cryptocurrency analytics platform Glassnode, believe that another altcoin season could be on the horizon.
Analysts pointed to the fact that the tech-heavy Nasdaq index fell 2% on Thursday. By comparison, the iShares Russell 2000 ETF (IWM), an index of small-cap stocks, rose more than 3%.
This indicates that investors are targeting riskier assets, which are more likely to generate higher returns.
They compared the current situation with that of November 2020. Back then, the small-cap sector had also started to rise and continued to increase its gains in the following months.
Analysts believe a similar scenario will play out in the cryptocurrency market, with investors potentially rotating their capital into altcoins. “Will we see the same thing again? Will rotation create a massive rally in Alts? We think that could very well happen!” the analyst She said.
XRP steals the show
AS reported by U.TodayThe Bitcoin market recently plunged into “extreme fear” territory for the first time in over a year due to the German sell-off and Mt. Gox refunds.
Bitcoin price failed to break above the $60,000 resistance level despite positive macroeconomic signals, such as lower-than-expected US inflation.
Even though most altcoins are in the red, XRP has managed to stand out, with a 4% price spike in the last 24 hours. This comes after CME Group’s real-time indices and benchmark rates for Ripple-affiliated cryptocurrencies. It is the best-performing cryptocurrency in the top 100.
According to CoinGecko data, Bitcoin dominance is currently 50.9%.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.