Featured Story
When was the last time Altcoin Market Cap turned its old 2014 highs into support? With ETH’s price rally above $3200 level, altcoins have started rallying again. Though investors continue their hunt for the next Ethereum-like asset to place their bet on, the overall altcoin market continues rallying.
It rallied over 27000% in over a year in 2014. Since the prices hit new ATHs and market capitalization increased, within 70 days of 2017 high, the market capitalization rallied by nearly 120% and turned 2017 highs into new supports. This marked the beginning of an altcoin rally that would continue in bursts nearly throughout the year.
Source: Coinmarketcap.com
A key driver of the altcoin rally is the demand across USDT and fiat markets on spot exchanges. Stablecoins like USDT have supplemented demand for altcoins for the longest time now and altcoins have rallied alongside the increasing dominance of stablecoins.
USD stablecoin will soon hit $100B in market cap, and make up 4% of the entire cryptocurrency market. This is a significant share, as it represents the demand from retail traders and institutions. Despite making up only 64% of the stablecoin market, USD Tether dominates the daily trading volume, accounting for over 90% of the daily traded volume of all stablecoins.
BTC and ETH’s price rally and dominance are conducive for altcoin’s price growth as well. Thus increasing number of active wallets across exchanges, ETH’s rally beyond the $3200 level and BTC’s rangebound price action have all supplemented the turning of highs to supports for altcoins.
There are several altcoins that traders have eyed for the longest time, waiting for dips to consolidate. Specifically, COMP, YFI, ALPHA, UNI, RUNE, AAVE, ETH and SXP have consolidated a few times this alt season. Most DeFi altcoins are part of this price rally. There are several altcoins experiencing similar gains as DeFi, a few of them are NFT marketplace tokens.
The bullish market structures formed in ETH/BTC and similar altcoins’ bitcoin markets are conducive to altcoin’s growth. The market structures are not looking bearish yet, however, there are traders buying the dip and scaling their portfolios. This is likely to offer higher returns in the future. The altcoin charts are currently bullish, signaling a rally and further gains in the current alt-coin season. Source: ambcrypto.
Don't Miss
Will Bancorpsouth Bank (NYSE:BXS) Run Out of Steam Soon? Short Interest Is Down
The dictionary defines capitalism as “an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by…
BancorpSouth Bank (BXS): Watch List Financial Stock,UP-Date 4/22/19
If materialism was ever to satisfy anyone, it would have been Solomon, the richest king the world has ever known. He had absolutely everything and…
What Ever Happened to Antitrust?
The May 20 settlement between the Justice Department and five giant banks reveals the appalling weakness of modern antitrust. The banks had engaged in the…
Equity Focus: Investors Taking a Second Look at BancorpSouth Bank (NYSE:BXS) After Recent Market Moves,Money Flow Indicator Has Ducked Below The Zero Line
Wealth-creating capitalism requires more than just competition and trading. Beneficial capitalism is founded on the “rule of law and virtues like cooperation, stable families, self-sacrifice,…
Chevron New (CVX) Shareholder Fort Point Capital Partners Cut Its Stake
JUST BECAUSE WE CAN’T SPECIFY THE EXACT REASON FOR PAIN, THAT DOESN’T MEAN THERE ISN’T ONE. Bank are bad for society as a whole, Christians…
