Cryptocurrency Market News – Unstoppable Altcoin Rally

The latest cryptocurrency market news are very exciting indeed. We are actually witnessing an unstoppable altcoin rally. No matter what Bitcoin is actually doing, (right now is just below the $1,2000 mark +2,42%) it seems more and more like the cryptocurrency may be in the midst, of what could become an extended “alt season”: a period in which altcoins outperform Bitcoin in terms of price.

For example, Tezos, Cardano, Stellar, LEND, ChainLink, Ethereum, Kyber Network, Compound and so on, are some of many cryptos that had a magnificent performance.

Reasons for the Altcoin Price Rally

  1. There is a positive sentiment around alternative cryptocurrencies. The outlook and the prospects for the future in altcoins never looked better.
  2. There is also a massive demand for decentralized finance-related tokens. The crypto market is expanding rapidly with more and more money pumped in.
  3. There is also a large number of new investors coming into the crypto market. People who weren’t interested and even treated the crypto market with skepticism, are now keen to take the plunge and invest.

Ethereum Rally Benefits Altcoins

The current Ethereum rally has and will benefit altcoins. Most analysts expect the Ethereum rally to continue well into the third quarter of 2020.

Ethereum options data suggests traders are expecting for the crypto to get over the $400 mark.

The Ethereum options open interest increased by 5 fold over the past 3 months to reach $337 million. Options are a sign on what professional traders expect to take place on the market. Professional traders invest big and their impact on the market is always significant.

In addition, futures contracts also favor a bullish Ethereum. A bullish market will display a futures base at or below 5%. Right now the ETH futures annualized basis, has been sustaining levels above the 10% for the past. That means, Ethereum is at a very bullish momentum.

As a result, investors confidence is soaring and we are seeing the results.

Altcoin’s Rally is Backed by Data

  1. The FTX exchange’s index of 50 low capitalization cryptocurrencies, the so called shitcoin index, is up 111% this year.
  2. According to Binance Futures, data investors are holding long contracts. As a matter of fact, over 50% of traders are holding long contracts on LINK, ADA, KNC and COMP.
  3. As stated by CoinMarketCap, the overall cryptocurrency market now stands roughly at $295 billion. Bitcoin dominates the index at 60,5%.

Top Performing Altcoins

  • Aave’s LEND token has increased by over $1,200% so far this year, due to a huge increase in usage since the launch of mainnet this year. I think this will be the token with the highest returns so far.
  • Another example of another token which has seen extraordinary gains is ChainLink. LINK’s price started climbing at a rather steady rate since March however, LINK’s bull run started in July. Right now LINK sells at $14,17, a 517% increase since the beginning of the year. Last thirty days performance had a monthly increase of 131%
  • Cardano, ADA, saw a 30% price increase during the last thirty days. Cardano has seen its price triple in the last three months from $0,047 to $0,14.
  • Kyber Network, KNC, had an increase in its price from $1,35 to $1,71 in just seven days and it has also tippled its price in the last three months. From $0,56 to $1,71 right now.
  • Compound, COMP, started trading at $129,51 and within seven days went to $177,50. That was a 39% increase. In the last thirty days Compound gained over 80% from $94,51 to $177,50.
  • Tezos, XTZ, had a seven-day price increase by 26% from $2,97 to $3,63. In 90 days Tezos went from $2,57, to $3,63, a total increase in value of 43%.
  • Stellar, XLM, had a 2,3% price increase in the last week and in the last 90 days saw gains over 40%
  • Zcash, ZEC, had a magnificent seven-day run with gains over 11% and a total 90-day gains of 124%. It went from $42,37 to $94,00

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Final Words

The Altcoins outlook is excellent. More people are interested in altcoins now and as a result demand for cryptos is neverending. All these combined with the positive sentiment, are a good recipe for more altcoin gains.

As we see altcoins can offer high returns but they are volatile. One day they are breaking one record after another and the next day, they could suffer unprecedented losses. If you are thinking of investing there, best will be to invest money you can afford to lose.

Disclaimer: The author has no money invested in cryptocurrencies whatsoever.

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