The Dawn of Alt Season
Cryptocurrency markets are buzzing as Bitcoin (BTC) rallies beyond the $19,000 mark. This spike has ignited a fiery enthusiasm for altcoins, marking what many are dubbing the “beginning of alt season.” Traders have now shifted their focus, rallying behind large-cap altcoins which are enjoying their strongest performance seen in over three years.
XRP: The Comeback Kid
Leading the charge is Ripple’s XRP, which has surged over 110% just this week. Once facing lower trading volumes, XRP has revived itself dramatically. Currently trading at $0.62, XRP had reached a dizzying high of $0.92 before tumbling down by 30%. This steep drop coincided with some technical issues over at Coinbase, proving that volatility is the name of the game in crypto.
- Current Price: $0.62
- Weekly Gains: 110%
- All-Time High: Over $3 (still 80% away)
Stellar Lumen (XLM): Riding XRP’s Coattails
Not far behind, Stellar Lumen (XLM) reaped significant benefits from XRP’s resurgence. XLM saw its own weekly returns surpassing 90%, now sitting comfortably at $0.18. Historically, XLM has a tendency to mirror XRP’s moves during bullish phases, and this time is no different as it claws back towards levels not seen since late 2018.
Cardano’s Remarkable Rise
Amongst the largest success stories of the week is Cardano’s ADA, which is basking in a 50% increase in value. With a market cap that has officially crossed the $5 billion mark, it’s now the eighth-largest cryptocurrency, trading at around $0.16. While the past highs hover above $1, a significant ride still awaits for investors aiming for historical returns.
What’s Next for Altcoins?
As altcoins gain traction, traders are left pondering what the next steps might be. Will Bitcoin continue its impressive streak, or will it be outshone by its lesser-known counterparts? Regardless, all eyes are on the market as we drift further into the season of altcoin exuberance, filled with exciting potential and, of course, a fair share of risks.
