Even though Bitcoin has been struggling to keep its momentum above the $4,000 mark over the past week as it gets pressure from the red and greens on the market, the latest cryptocurrency news show that altcoins have the momentum.
In fact, the overall altcoin market has seen some relatively large gains over the past week and multiple cryptocurrencies have also surged today. Obviously, the entire action is miniscule compared to what we saw through the second half of 2017…
However, investors and analysts are keen on seeing whether or not the current price action contains the start of a bigger price trend that will persist in the year to come. Meanwhile, traders, investors, and analysts started speculating. When the crypto markets could possibly return back to – or break above – their previously established all-time highs?
This is why the current trend is dubbed “altseason” – representing the mythicized resurrection of the crypto market.
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According to Mati Greenspan who is a senior market analyst at eToro, the markets are currently in altseason. He believes that multiple individual cryptos have been able to post decent recoveries from their all-time lows.
“As we’ve been discussing for several weeks now, the crypto market is currently in the throes of altseason. This is a necessary process where a lot of the [cryptos] and garbage ICOs of 2017 are losing their value as investors dump them for tokens with greater potential,” Greenspan wrote in a recent email.
So, even though the market is still 80% down (or even 90%) from its all-time high, the recent price action shows something important. Investors know that the markets have found a long-term bottom and are ready to start recovering.
At the time of writing, there are a couple of altcoins that have surged. Cardano (ADA) which is one of the best performing cryptocurrencies, increased by 11% and has a price of $0.064.
Other cryptocurrencies with notable growth include Bitcoin Cash (BCH) which climbed over 3% and Tron (TRX) which surged 5%. When considering the price gains that cryptos have experienced over the past month, it appears that the markets may be preparing for the altseason. However, a long-term bottom may already have been established for many altcoins.
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