Altcoins rally as bulls pile into large-cap tokens and layer-1 projects
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After a rare calm period, the cryptocurrency market has exploded in gains over the last 72 hours. The catalyst for this growth is not clear, but it could be a result of the Bitcoin Cash (BCH) community successfully activating a hard fork that allows for 32 MB blocks. This has given rise to renewed hopes of a scaling solution being implemented on the original Bitcoin blockchain, which is now known as Bitcoin Core (BTC). With BCH attracting new investment from traders, new money has also flooded the altcoin markets. Many of the previously top-performing altcoins have given back some of their recent gains while Bitcoin, Ethereum (ETH), and BCH are racing to reclaim all-time highs.
There is a general sense of optimism in the Cryptoverse, with many altcoins rallying and Bitcoin prices getting back above $6000. However, some analysts are warning that the rally is likely to be short-lived, with many altcoins rallying on low volume and the majority of altcoins still having a long way to go before they catch up with Bitcoin in terms of market capitalization. Indeed, the total cryptocurrency market capitalization has now climbed back above $500 billion, and has now surpassed the $500 billion mark for the first time since early February.
The crypto currency market is offering investors another day of altcoin season, as most of the top 100 altcoins on CoinMarketCap rose today.
Several key tokens reached multi-year highs, and this all happened while the price of bitcoin (BTC) struggled to hold onto the gains made during the week as a result of the news.
One of the most notable achievements was that of Ethereum Classic (ETC), the unmodified fork of Ethereum (ETH), which gained momentum last week when its commitment to the proof-of-work consensus mechanism caught the attention of miners and Robinhood retail investors.
4 hour chart of ETC/USDT. Source: TradingView
Data from Cointelegraph Markets and TradingView show that after hitting a low of $86.12 in early trading hours on Thursday, the price of ETC jumped 81% to a new all-time high of $179.83, with trading volume reaching a 24-hour high of $39.1 billion.
Several major cryptocurrencies have experienced significant growth recently, including Litecoin (LTC), which hit a one-year high against BTC, and a 68% rally in Bitcoin Cash (BCH), which crossed $1,500 for the first time since May 2018.
Tier 1 solutions grow as transaction volumes increase
Ether also reached a new all-time high of $3,605 as excitement continues to build ahead of the London hardfork and the implementation of EIP-1559, which is expected to take place in July.
Major overhaul of #Ethereum #EIP-1559 toll scheduled for July, as part of #London network upgrade https://t.co/mQrxvSt7aa via @cointelegraph
– Attestant ⟠ (@AttestantIO) March 8, 2021
Cardano’s ADA token is another top 10 project that has reached a new all-time high of $1.69, while Tezos (XTZ) has jumped 23% after the start of the trading day to a new high of $8.05.
Several Ethereum killers that emerged from the 2017-2018 bull market posted double-digit gains, including EOS, which rose 50% in one day to peak at $12.57, and Neo (NEO), which jumped to a high of more than $128 before a general market downturn sent most prices tumbling.
Bitcoin’s dominance reaches a new low
The steady strengthening of altcoins has led to a steady decline in bitcoin’s dominance over the past month, ending at 6th. May fell to a low of 45.25%. Analysts say this is another sign that altcoin season is in full swing.
While institutions seem to prefer Bitcoin and, to a lesser extent, Ether, smaller traders are attracted to cheaper tokens that offer greater profit potential, as evidenced by the recent explosion in the price of Dogecoin (DOGE).
If this trend continues, it is likely that bitcoin’s dominance will continue to decline as more funds enter the cryptocurrency ecosystem via stablecoins.
The total cryptocurrency market is currently $2.346 trillion, with bitcoin leading the way at 45.5%.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. So you need to do your own research before making a decision.
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