Why have altcoins recently performed so well (Altcoin Craze)

08/17/2023 03:06 • Tech Trends • 61 views

Why have altcoins recently performed so well? Bitcoin has recently surged 10 times its value, reaching a market capitalization of around $2 trillion in the cryptocurrency market before starting to decline. Ethereum has also seen some rebounds recently. However, the prices of these currencies have all dropped by more than half compared to their peak last month, and Litecoin has shown a similar trend. Currently, most altcoins are consolidating sideways. So what exactly has led to this series of price trends? Why have altcoins been performing so well recently?

Let’s first take a look at the recent trends of some altcoins:

In early December 2019, BTC dropped from $10,000 to around $9,000. At that time, due to the price difference between Bitcoin and Ethereum, many investors chose to wait and see until Bitcoin rose to the range of $6,000-$7,000. However, it has since been oscillating downwards until it broke through the $10,000 support level. Now, Bitcoin has climbed back above $10,000, while ETH has been consistently declining.

In the second half of 2018, Ethereum finally exceeded $3,000 and reached a new all-time high. However, it soon experienced a sharp drop in price due to various reasons. Therefore, many people believe that the end of this year will be a turning point for Ethereum, and if it can hold the $4,000 support level, there is a high probability that it will not have such high trading volume throughout 2020 and will instead continue its strong growth momentum. At the beginning of 2020, Ethereum briefly surpassed Bitcoin to become the most popular cryptocurrency, and its price even briefly exceeded $1,500. However, during the previous bull market, although Bitcoin’s performance was not very impressive (with the highest increase being over 50%), its performance did not shine as much as Ethereum’s as Bitcoin gradually climbed. Therefore, many people say that this year’s DeFi craze may just be a matter of time.

Altcoin Craze

According to AICoin data, the overall market for Bitcoin is currently consolidating, while mainstream cryptocurrencies are generally rising. On the 1-hour candlestick chart, BTC has risen from a low of $10,750 to a high of $10,080, with an increase of nearly 30%. ETH has slowly rebounded from a low point of $13 and is currently priced at $144, with an intraday increase of nearly 10%. XRP’s decline from the previous day has narrowed to around $0.072, and it is currently trading at $0.186 with a 24-hour increase of 14.82%. EOS, on the other hand, continues to decline and has hit a new low.

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Why have altcoins recently performed so well (Altcoin Craze)

Altcoin Craze

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