Altcoins’ latest surge has led many holders to believe that this could be the beginning of the long-awaited ‘alt season’.
This upward price movement also inspired a Twitter poll, as Alex Saunders of Nugget’s News asked crypto enthusiasts to vote for the altcoin they think will be the first to hit a new all-time-high (ATH) out of four of the biggest altcoins in the market – Ether (ETH), Binance Coin (BNB), XRP, and Litecoin (LTC).
Community Sentiment: BNB Will Be First to Reach New ATH
What made the poll even more interesting is the fact that Saunders asked voters to give their reason for choosing one altcoin over the others on the list, with a $50 prize for the voter with the “best” reason.
— Alex Saunders (@AlexSaundersAU) September 19, 2019
Although there are still 12 hours left, there are more than 3,025 votes already recorded. 33% of respondents think that BNB will be the first altcoin to reach a new ATH.
One of the more notable respondents was Changpeng Zhao, CEO of Binance. As one would expect, he picked his own coin, noting that BNB has a “huge advantage” over the others on the list “due to the smallest market cap compared to the rest. Laws of physics, less energy needed to move the needle.”
Others who voted for BNB think that continual developments from Binance, the leading crypto exchange, will help take the coin to a new ATH before any of the other three. However, it doesn’t appear to be as easy as one might think.
Big Developments, Small Price Action
While significant developments are one of the fundamental factors that should, in theory, help to increase the price of a coin, this doesn’t seem to have been the case for BNB in the past few months.
It would be accurate to call the first half of 2019 perfect for Binance in terms of development, as many major announcements were made and we saw the BNB price race to an all-time-high of almost $40 on June 22.
However, somehow things went south from there as the price of BNB fell almost 50% from its ATH, plummeting to $21 at the time of writing, despite Binance’s continual efforts and new projects.
If BNB reaches a new ATH before ETH, XRP, and LTC, then the surge likely won’t come from fundamentals.
A look at the historical charts of all four coins, though, indicates that Ether needs about a 600% increase to reach a new ATH, XRP needs about 1300%, LTC needs about 400%, while BNB needs less than 100% to win the race.