Altcoins
Altcoin season could be on the horizon, Glassnode co-founders say — TradingView News
Jan Happel and Yann Allemann, co-founders of popular cryptocurrency analytics platform Glassnode, believe a new altcoin season could be on the horizon.
Analysts noted that the tech-heavy Nasdaq index was down 2% on Thursday. By comparison, the iShares Russell 2000 ETF (IWM), an index of small-cap stocks, was up more than 3%.
This indicates that investors are betting on riskier assets, which are likely to generate higher returns.
They compared the current situation to November 2020. At that time, the small-cap sector had also started to surge and continued to add to its gains in the following months.
Analysts believe that a similar scenario will play out in the cryptocurrency market, with investors potentially rotating their capital into altcoins. “Will we see the same thing again? Will the rotation create a massive rally in altcoins? We think it could well happen!” the analyst said.
XRP steals the show
As reported by U.Today, the Bitcoin market recently plunged into “extreme fear” territory for the first time in over a year due to selling in Germany as well as refunds from Mt. Gox.
Bitcoin price failed to break above the $60,000 resistance level despite positive macro-financial signals such as lower-than-expected US inflation.
Even though most altcoins are in the red, XRP has managed to stand out, with a price increase of 4% in the last 24 hours. This came after the real-time indices and the CME Group’s benchmark rates for Ripple-affiliated cryptocurrencies. It is the best-performing cryptocurrency in the top 100.
Bitcoin dominance currently stands at 50.9%, according to data from CoinGecko.