Bitcoin’s [BTC] dominance over the cryptocurrency markets breached its yearly high to climb another percent. At press time, the dominance of bitcoin is above 64% at the moment.
The total Mcap of Bitcoin is around $225 billion while all the altcoins together are at $125 billion. While this is a positive indicator for Bitcoin ‘holders’, the altcoin investors are still rooted in losses.
Peter Brandt, a chart analyst, and trader suggest the same fact with some of the top altcoins, he tweeted,
Even with current rally, some macro-cap coins remain 80% or more off their 2017/2018 bull market highs.
While Bitcoin is gaining tremendous utility as a store of value, the altcoins are taking loses w.r.t. Bitcoins. While most traders believe that the altcoin run of 2017 is not likely to be replicated; nevertheless, we can still expect an altcoin season. Arthur Hayes, the CEO of BitMEX said in an interview with Ran Neuner,
Absolutely they will rally from the bottom. Will they regain their All-Time Highs in 2017. I don’t think so. Most of them were crap and will continue be crap. He also added ” Now, will there be a new type of vertical of token or coin or protocol that becomes sexy and it rips. I absolutely think so. Do I know what that is, I don’t.”
The CEO of Binance, Changpeng Zhao, also held a similar opinion on the alt-season. Binance’s inclusion policy has actively fostered the growth of many cryptocurrencies.
CZ also announced the live Margin Trading and futures plans. The leverage for margin trading on Binance is currently 3x the margin value. Nevertheless, CZ suggested that the leverage will increase over time with volume. BitMEX is primarily a derivative platform, whereas Binance is looking to offer a spot, margin and futures trading on the same platform.
On Alt-season and the growth of the industry, CZ noted,
To be honest, I am pretty confident we will. ‘Coz I think the industry is evolving. We’re now seeing real project with real money. So in 2017, there is all these ICOs. But now, in 2019, we are seeing who has the product. He also added,
Not Every altcoin going up at the same time. There are so many altcoins that there are selective ones that are strong, that will go up. So we’re gonna see more stronger projects go up.
Do you think that the altseason will begin soon? Which projects will benefit from it? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com