Cryptocurrency Market News – Unstoppable Altcoin Rally

Cryptocurrency Market News - Unstoppable Altcoin Rally
Cryptocurrencies

The latest cryptocurrency market news is 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 the 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 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 of 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 the base of a future 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, investor’s 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 AltcoinsCryptocurrency Market News - Unstoppable Altcoin Rally

  • 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 the main net this year. I think this will be the token with the highest returns so far.
  • Another example of another token that 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. The 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 of 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 of over 40%
  • Zcash, ZEC, had a magnificent seven-day run with gains of over 11% and a total 90-day gains of 124%. It went from $42,37 to $94,00

 

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, the best will be to invest money you can afford to lose.

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

=========>More info: Top Cryptocurrencies to buy

 

Famous Crypto Owners

Famous Crypto Owners

famous crypto owners
Cryptocurrencies

As Bitcoin and altcoins in general turn into a booming industry, it comes as no surprise when many celebrities and billionaires, Famous crypto owners with disposable income, have chosen cryptocurrencies to invest in. Successful business people, famous actors, politicians, and even musicians are proud crypto owners.

Famous Crypto Owners

Bill Gates

Famous Crypto Owners

Bill Gates is no stranger to all of us. He is an American businessman, computer programmer, and philanthropist. He is the co-founder of Microsoft. He is one of the most well-known Bitcoin-invested public figures in the world.

Madonna

 

Madonna is known as “the queen of pop” and rightly so. She needs no further introduction. Madonna is one of many public figures spreading the word about how easy and secure cryptocurrency is as a payment method.

Sir Richard Branson

 

Sir Richard Branson is a British business magnate, author, and philanthropist. He founded the Virgin group. His net worth is over $5.1 billion and he is a Bitcoin advocate and investor.

Peter Andreas Thiel

 

Peter Thiel is a German-American entrepreneur. He is the founder of Pay Pal, Palantir Technologies, and so on. His net worth is $2.3 billion and he has over $20 million invested in cryptos.

Lionel Messi

 

Messi is a well-known Argentinian and Barcelona football player. Messi became a brand ambassador for Israeli company Sirin Labs in 2017. Sirin Labs is producing the world’s first crypto smartphone and the footballer is backing it.

Gwyneth Paltrow

 

The American actress and singer is a well-known crypto advocate, in fact, she was the face of the Bitcoin wallet, Abra.

Michael Novogratz

 

Michael Novogratz is an American ex-hedge fund manager of the Fortress Investment Group. Currently, his investment in Bitcoin and Ethereum is worth $250 million. He is a long-standing advocate for cryptocurrency investment.

Floyd Mayweather

 

Floyd Mayweather jr. the boxing legend does not need an introduction. He has promoted several ICOs including Stox, Hubii Network, and Centra. Mayweather is well known for using Bitcoin, Ethereum, and other cryptos for his everyday purchases.

Tim Draper

 

Timothy Draper is an American venture capital investor and founder of the Draper Fisher Jurvetson (DFJ) His net worth is 1 billion dollars. Draper is a Bitcoin enthusiastic advocate and investor.

Bjork

 

Bjork is a musician and singer from Iceland. In 2017 Bjork encouraged fans to buy her new album with Bitcoin. According to reports she accepted Bitcoin, Litecoin, Dashcoin, and AudioCoin as payment.

Eric Schmidt

 

Eric Schmidt is an American businessman and a software engineer. He is known to be the CEO of Google from 2001 to 2011. His net worth is 14,3 billion. He is another cryptocurrency investor and advocate.

Here is a small number of well-known celebrities and investors who do not follow the masses and go their own way with their investments. Their number is growing fast and this is indicative of what could be coming.