Bitcoin is in a bit of a rut.
But a closer look at Altcoins is revealing positive movement that some call an Alt-Season.
If you exclude the erratic Bitcoin, most other cryptocurrencies have been languishing in for over two years. This is particularly true for alternative coins, or altcoins, in their bitcoin (BTC) pairs. Most have lost over 90% of their value from their peak.
However, the winds appear to be changing, as experts believe these coins have hit bottow and the only way is up. A handful of reputable traders on Crypto Twitter (CT) are starting to feel bullish about the prospects of these coins. They believe that an altcoin season, or altseason, is on the horizon.
Bitcoin Dominance index
The Bitcoin Dominance Index measures the market cap of bitcoin against the overall market cap of all cryptocurrencies.
A slumping bitcoin dominance index strongly suggests an incoming altseason or rising in value against bitcoin.
Crypto enthusiast Paddy Stash
On the other hand, trader Rampage is expecting a bigger index drop to 59%, or an 8% plunge from current levels.
Ethereum is up by over 33% against bitcoin from the local bottom.
Litecoin is also advancing against bitcoin. Cobie-Wan Kenobi, “the founder of Crypto Twitter” as it says on his profile, hinted at the possibility of an altseason. Same with CryptoBull, who has over 140,000 followers. The Wolf Of All Streets, when asked whether he thinks altcoins will fly before year-end, replied: “Relative to their bottom, I think many have been flying already for a month.”
Centralized exchanges are prone to hacks. 0x is a new type of exchange, called a decentralized exchange that is designed to make stealing funds harder. Ox is a platform for developers to build decentralized exchanges atop of Ethereum.
Cosmos (ATOM) is likewise recording some impressive gains, adding $0.20 to its value to climb from $2.73, up to $2.92 in the last 24 hours.
Beyond this, Tron (TRX) and Dash are among the best performers, up 2.9% and 2.5%.
Overall, the entire market capitalization of all cryptocurrencies has blossomed from $220.5 to $221.7 billion, a gain of less than 1% across the board.
At the same time, Bitcoin (BTC) has seen its market dominance slip—falling from 67.7% to its current value of 66.7% over a 7-day period.
Bitcoin dominance has been on the decline since early September, after climbing to its 2019 high of over 71% on September 6.
Bitcoin trading seems to have relaxed a bit following Monday’s recovery, when the price of BTC went from $7,790 to close the day above $8,200. It trades today at the $8100 price range.
The rates of the top 10 coins are located in the green zone in correlation to BTC. The biggest gainer is EOS whose price has rocketed by almost 2.57% over the last 24 hours.
A word of caution: Altcoinsare still highly risky.