With many altcoins struggling gruesomely and Bitcoin rapidly usurping almost 70% of the total crypto market cap, some crypto analysts have predicted that there will not be another altcoin season until 2020.
The current situation of the market today, however, may be an indication that it is time for a new altcoin season.
Looking at the chart today, the world’s largest cryptocurrency Bitcoin is recording losses around 1 to 2% on the day with its price falling to the region below $10,000. As it is in most cases, a declining BTC price also means significant losses for other cryptocurrencies. However, there seems to be an exception today as many altcoins are moving in the opposition direction, posting 1 to 2-digit gains amid the current market drop.
Some Bullish Altcoins
Although at the moment, major coins like Ether, XRP, and LTC are being affected by the Bitcoin decline with its price down by roughly 2%, let’s see some of the other alternative cryptocurrencies that are performing remarkably well today.
Leading the pack of altcoin with the most significant gain in the top 100 today is Wanchain (WAN) with a massive 72% gain against the USD and 75% against BTC on its daily chart. At the time of writing, the coin is trading at $0.4696 with its 24 hours volume and market cap rising to $63,674,780 and $49,858,746 respectively.
WAN is the native currency of the Wanchain blockchain, an infrastructure that connects the decentralized financial worlds with features such as cross-chain interoperability, privacy, and smart contract functionality.
Wanchain has made a lot of progress since the start of this year, and the project launched its Mainnet yesterday ahead of the official activation of the Proof of Stake consensus on September 3rd.
96th placed Factom (FCT) on CoinmarketCap ranking is flexing a 17.5% increase against the dollar and 19.03% against bitcoin with its price now trading above $4.18 for the first time in the last seven days.
Following the same bullish pattern are Zilliqa (ZIL), Siacoin (SC), ICON (ICX), Ardor (ARDR), 0x (ZRX), and Ravencoin (RVN) and others with gains between 7 to 17% on today’s trading session.
Although bitcoin still holds 68.4% of the total market cap, does this fresh bullish run from these altcoins give a glimpse on the start of a new altcoin season?