Altcoin Season: Opportunity or Excessive Optimism?

What is Altcoin season

Which altcoin news was the most significant

Why altcoins have grown in July 2020

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

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.

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