While it may be too early to call for the start of an altseason, the crypto market’s performance on the day has reasonably favored altcoin holders in a manner not seen since Bitcoin began its resurgence at the start of the year.
At the time of writing this report, Ripple (XRP) has recorded a massive 12% gain moving from $0.26 to near $0.3 within the last 24 hours. Number one altcoin, Ether (ETH) on the same hand posted near 9% gain over the same period rising from $192 to $209.
Green Altseason Board?
As the graph above from Coin360 shows, the majority of the altcoins in the top twenty are seeing significant gains with the top performers including Tron (TRX) at 10% and Dash (DASH) at just above 8%.
Aside from the duo, however, gains between 3%-7% are also spread across the top one-hundred cryptocurrencies, a growth that has slightly shrunk Bitcoin’s dominance to 68.3% from the near 69% that it started the day.
Bitcoin (BTC) Turns Stablecoin?
What catches the eye most is the fact that the altcoin resurgence has had little to no effect on Bitcoin’s price. The number one cryptocurrency press time value of $10,249 means that it is seeing gain less than 1% and has continued its recently found resistance to volatility.
Since Sept 02, Bitcoin has traded above the $10k mark, going as high as $10,800 four days later in a false breakout and sliding back to the $10.4k range in a matter of minutes.
Following that parabolic move, though, Bitcoin has brilliantly defended the $10k mark for more than ten days, leading to increased calls for the high volatility that characterizes the emerging asset class.
Apparently, the resurging altcoin market could take some market value off Bitcoin if the leading cryptocurrency fails to rally in the coming hours, as more traders chase after altseason in hope of recouping losses made within the period that Bitcoin achieved peak dominance.
Total Crypto Market Cap — $269.9 billion
Bitcoin Market Cap — $184.1 billion