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.
Today’s market, however, may be an indication that it is time for a new altcoin season.
The world’s largest cryptocurrency by market cap, Bitcoin, is recording losses of around 1 to 2% on the day with its price falling to below $10,000. Typically, a declining BTC price also means significant losses for other cryptocurrencies. However, today seems to be an exception, as many altcoin markets are moving in the opposite direction, posting 1 to 2-digit gains.
Although major coins like Ether, XRP and LTC are being affected by the Bitcoin decline, let’s look at some of the other alternative cryptocurrencies that are performing remarkably well today.
Leading the pack is Wanchain (WAN) with a massive 72% gain against the dollar and a 75% gain against BTC on the day. At the time of writing, the coin was trading at $0.4696, with a 24-hour volume and market cap of $63,674,780 and $49,858,746, respectively.
WAN is the native currency of the Wanchain blockchain, an infrastructure that aims to connect 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 its Proof of Stake consensus protocol on September 3rd.
Factom (FCT), ranked #96 on CoinMarketCap, saw a 17.5% increase against the dollar and a 19.03% rise against Bitcoin. Its price is now 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 of between 7 to 17% in today’s trading session.
Although Bitcoin still comprises 68.4% of the total market cap, do these altcoins’ fresh bull runs give a glimpse of the start of a new altcoin season?