Cryptocurrency News Today – Bitcoin has been on a super bull run since the end of the crypto winter and the beginning of a new cycle. As the price of Bitcoin surged altcoins were only able to record minor gains. The flagship cryptocurrency moved at such a fast pace that it left many altcoins behind. Some cryptocurrency analysts said that the altcoins are gearing up for altcoin season. Others said that altcoin season will never come. Recently, however, the cryptocurrency price analyst on Exchange Rates UK suggested that the current fall in the price of altcoins presents the perfect buying opportunity.
Cryptocurrency News Today – Cryptocurrency Market Update – Altcoin Season – Altcoins Are Gearing Up For More Gains
As the price of Bitcoin continues to take major jumps, the market trends reveal that capital is flowing from the Bitcoin market to the altcoin market. Still, the price of altcoins aren’t recording significant gains. Since the beginning of July, the price of Bitcoin has been on fire while altcoins recorded minor gains with some altcoins trading in red against the USD. Some of the altcoins that have recorded major lows even when highs were expected are Cardano ADA, Stellar Lumens XLM, and XRP’s XRP.
Cardano (ADA) Price Today – ADA / USD
In our previous Cardano news, we noted that the price of Cardano ADA was primed for major gains because of the Cardano Shelley upgrade and other developments by the Cardano Foundation. In fact, one of our Cardano price predictions placed the price of Cardano ADA 100% higher than it was in the beginning of June. Unfortunately, the $0.100 level appears to be a difficult level for Cardano ADA. At the time of writing, the price of Cardano ADA was $0.078139. This means that it was down by 2.68% against the USD and down by 6.55% against the price of BTC. Even if the Cardano Shelley testnet was activated last month, it doesn’t seem to have led to any significant surge the price of ADA. True, it moved higher at the time but it has been declining since then.
Another altcoin that has performed poorly even when the market expected major changes is XRP. XRP, the third largest cryptocurrency per market capitalization has been struggling to break the descending trend line for a long time. After the altcoin managed to move above the $0.28 and $0.32 levels successfully, it hasn’t been able to move and stay to the predicted $0.50 level since then. Ripple and the XRP token have made significant progress over the last few months but the price of XRP continues to underperforming Bitcoin and the rest of the market.
Then there is Stellar Lumens XLM. Stellar Lumens has been performing poorly since the beginning of the year. Right now, it is the only top cryptocurrency that is down from its 2019 opening price. The Stellar Development Foundation has made some progress along the way and the Stellar Lumens XLM token was meant to reflect these strides. Instead, a downtrend has continued to plague Stellar Lumens XLM.
Cryptocurrency News Today – Crypto Market Update – Will Altcoins Recover? Or Is This The Best Time To Sell?
There is a strong chance that altcoin season is going to come eventually. When it does, we should expect that these altcoins will rise at the expense of Bitcoin. However, when this altseason will come remains unknown. Before you rush to buy altcoins, remember that the cryptocurrency market is unpredictable long-term. There is a chance that you will lose all your investment. So, make sure that you proceed with caution.
What do you think about the cryptocurrency market update in our cryptocurrency news today? Share your thoughts in the comment section below.