Crypto bulls like John McAfee and Tom Lee predicted that the altcoin season will start before the year ends. Considering the ongoing surging uptrend of Bitcoin, the altcoins are likely to make a comeback in the crypto market.
Cryptocurrency News Today – Cryptocurrency Latest Update – Crypto Seasons From Bitcoin Season To Altseason
The alternative coins to Bitcoin (Altcoins) share the cryptocurrency market with Bitcoin. Usually, the altcoins do experience a bull market period after Bitcoin has concluded its course. For the first time in two years, BTC dominance rose above 60%. With this upsurge, it appears the altcoins will also enjoy an uptrend in the forthcoming season.
Recently, the co-founder of Fundstrat Global Advisors, Tom Lee, in a tweet maintained his conviction that altcoin season will come. He shared a post highlighting 9 cap coins that are currently making gains. Numerous altcoins are available on the crypto market.
Prior to the April fool’s day rally, many altcoin tokens that dominated the crypto market enjoyed continuous price gains. Litecoin (LTC) is one of the outstanding altcoins in 2019. It recorded more than 350% year-to-date gain. However, the redirection of funds into Bitcoin by investors didn’t favor many tokens. Many of the altcoins were left in the red when the first ever digital currency break above $11,500.
Investors are likely to redistribute their funds back to the altcoins when the value of Bitcoin begins to reduce. The pulling back of the leading asset may occur when it is on its peak value. Fortunately, the altcoin market seems to be recovering over the last 24-hours. Within this trading period, most of the top ten altcoins have recorded positive price changes. However, there is no confirmation whether the price gains is an early indication of the beginning of the altcoin season.
Cryptocurrency News Today – Altseason On The Way – Some Altcoins May Eventually Be Worth More Than Bitcoin
John McAfee’s predictions supported Lee’s opinion. He stated that a number of altcoins will enjoy the current bull cycle. He predicted that the prices of these real winners will rise to 10x BTC price gain. In his tweet on Tuesday, June 25, 2019, the famous crypto advocate made more predictions about the crypto market. The internet security legend disclosed that the 2018’s bear market will mostly affect tokens of significant altcoins.
However, some crypto enthusiast may be against such positive altcoin predictions. The naysayers are likely to suggest the absence of volume to achieve such a continuous price run. Such a price increase may not be possible, considering the decline of the ICO market. The altcoin price surge might depend on successive bullish fatigue when the Bitcoin is at its peak price.
Bitcoin (BTC) Price Today – BTC / USD
If such a situation occurs, Bitcoin holders may sell the cryptocurrency for altcoins. They will achieve a double run-up by investing in alternative coins. Presently, the top-ranked digital currency continues its uptrend. In the last 24 hours, Bitcoin recorded more than 20% price gain which is above the $13,000 price mark. BTC has achieved a continuous price run with little resistance.
With its market capitalization above $240 billion, Bitcoin has gained more profit than in the second quarter of 2019. Though Bitcoin is a top-rated cryptocurrency, there are altcoins with excellent features.