For those that might have given up on altcoins as they watched them tumble last year, now might be a good time to take a second look, as it appears that many investors are doing exactly that with values latching on to Bitcoin’s latest wild ride and moving in the right direction.
‘Altseason’ is the latest tag floating around now that crypto winter has finally moved into spring and the momentum is clearly with them. As one CEO put it yesterday, Bitcoin “definitely has a center of gravity that many other cryptocurrencies and coins benefit from”, and this is clearly reflected in the recent movement of altcoins over past weeks.
With markets heading for a new 2019 high and total market capitalization reaching a ten-month high at USD 280 billion, undervalued coins are getting some attention and purchases are cranking up. ZCash (ZEC) is one of these, spiking almost 12% to USD 85 along with the 16% growth of the EOS coin.
With prices reverting to 2018 July-August levels for the likes of TRON (TRX), EOS (EOS) and Litecoin (LTC) Alts are more often in the green than the red, a scenario some thought they would never see again, pinning their hopes purely on Bitcoin as the market struggled.
With Ethereum reaching a 10-month high and Bitcoin bouncing back to end of July 2018 levels before the big fall market players are hoping for a total of reversal of what happened after that.
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