What is Altcoin season
Altcoin Season (aka altseason) means that the price growth of non-Bitcoin cryptocurrencies is well ahead of the BTC price movement. In other words, this is an increase in bullish sentiment for altcoins.
Which altcoin news was the most significant
Altcoins have indeed shown significant gains over the past two weeks. The picture shows the main cryptocurrencies (with a capitalization above $700 million), which prices increased most notably.
Why altcoins have grown in July 2020
Reason #1. From April 2020 Ethereum price for almost 270%. Traditionally, altcoins increase is associated with ETH active growth. This is due to its market cap and the fact that most of the smaller altcoins are ERC-20 tokens.
Reason #2. Most of the leading cryptocurrencies are in the midst of key upgrades (e.g. ADA Coin, Stellar). This also improves users’ high spirits. For example, Cardano will complete the Shelley upgrade (which should significantly increase its decentralization) by the end of July. In this regard, discussions and optimistic Cardano Coin price predictions have intensified on the Reddit subforum.
Another upbeat news and price predictions concern the Chainlink crypto project, which grew significantly last month. Interest in Chainlink coin has increased since the start of the price discovery stage. This term means breaking its own price record and moving into the zone where its price predictions are difficult to build.
Reason #3. The growing popularity of DeFi in 2020. Because of this, Kyber Network, Compound and some other assets have shown the growth of over 20%.
Kyber Network’s position also improved after the release of Katalyst. It allows users to get benefits from participating in (the platform for staking, voting, and delegation). Santiment (the analytical company) is in its optimistic trend.
Altcoin season: to be or not to be
It is worth remarking that crypto optimists have been anticipating the altcoin season for a long time. So, discussions about it intensified both last summer and. However, their moods are swinging. Last year Changpeng Zhao, CEO of Binance, a gorgeous altcoin season. This year he explosive growth in the new altcoin season will take place only for some unnamed projects.
There are also tougher points of view. Jason Calacanis, an angel investor at Robinhood and Uber, recently that, in his opinion, 99% of crypto projects have no foundation at all because most startup founders don’t understand what they are doing. His comment was supported by Kevin Rose, who TechCrunch that 99% of projects are working just for profit. They generate a lot of useless assets and this makes it hard to spot really worthy projects.
Crypto market is increasingly recalling the great altcoin season of 2017–18 when cryptocurrencies grew by 40% per day. Google search queries confirm the growth of interest. However, compared to 2017–18, this year surge is almost invisible.
However, Google Trends show that altcoin searches have hit the second-highest of 2020. As you can see, there is no consensus on whether the altseason is coming soon. But the popularity of altcoins is still growing. For how long and to what limits it will grow is an open question.
Disclaimer: do not consider this article a recommendation for operations with cryptocurrencies.
Originally published at https://coinjoy.io.