It seems that altcoins are finally having their moment just as Binance deploys its trading platform for US-based traders. All large- and mid-cap cryptocurrencies are in the green, and a lot of them are seeing substantial double-digit growth against both the dollar and Bitcoin. The question now is whether the long-awaited altcoin season is finally here.
A few months ago, Binance’s main platform had to halt support for US-based traders because of compliance and regulatory challenges. However, the company promised to launch Binance US, a platform tailored to the needs of American traders. According to its official announcement, Binance US launched registration today, September 18.
As part of the incentives provided for the newly registered users, Binance US will impose zero trading fees until November 1. The announcement also notes that the platform will be rolled out to most states, but there are several which will be excluded, including Texas, Washington, and New York.
In any case, the fact that the world’s leading cryptocurrency exchange won’t be shutting the door on US-based traders and has already deployed its solution seems to have had an impact on the markets.
Altcoins are showing signs of revival, as all large- and mid-cap cryptocurrencies are in the green. A lot of them are also marking substantial double-digit increases on the day, as seen on the graphic above. Ethereum, XRP, BNB, and Stellar are among the biggest winners.
In determining whether or not an ‘altcoin season’ is upon us, there are a few things that we must check for.
First and foremost is an increase in the prices of various altcoins. As we can see right now, this checks out.
Second, we need to take a look at Bitcoin’s dominance rate. This is the index that tracks Bitcoin’s relative share of the entire market cap. At the time of this writing, it stands at 67.6%. While relatively high, it has marked a decrease of around 2 percent in the past week. This signifies that altcoins are starting to gain back ground.
Moreover, a lot of the altcoins are actually trading up against Bitcoin, which is something that we haven’t seen in a long time.
While it’s too early to know whether or not we’ve entered a new altcoin season, it surely seems like altcoins are starting to wake up. It will be interesting to see how long this lasts.
