For the first time in recorded history, the cryptocurrency crossed $2 Trillion market capitalization last week. Since the surge, the global cryptocurrency market cap stands at 1.97 Trillion Dollars at the time of this writing.
The crypto analyst, researcher and investor @Secrets of crypto had predicted in January that the altcoin season was starting.
But, what’s interesting to witness is the repeated failed efforts of Bitcoin to breakthrough $60,000 resistance, paralleled with industry’s latest leg-up from surge in crypto market value to $2T . The events indicating the possibility that the altcoin season is on the rise.
Evidence of past few weeks are also validating the presumption of the same.
Alternative cryptocurrency with medium or low market capitalization have witnessed sudden explosions in their values. Altcoins including Ethereum, XRP, Binance, Cardano, Uniswap all have seen spikes in their value. But, its altcoins with mid to low market cap that have seen their values rally in double digits.
Interestingly, BTC dominance index — an index which measures bitcoin’s share against the share of the entire crypto market stands at a 2-year low. This further reinforces that the funds are flowing out of Bitcoin and into altcoins. BTC dominance index at the time of this writing stood at 56.54%. The last time this happened was in 2019.
In altcoin supercycles, we usually notice that after a parabolic move, Bitcoin price consolidates and stops going up. After which the crowd starts to invest in altcoin pushing its value upwards.
The money is flowing into altcoins. Take advantage of this altcoin season by investing in XcelToken Plus (XLAB) , an ERC-20 token built on Ethereum blockchain technology. You can trade XcelToken Plus (XLAB) on leading crypto exchange platforms like Coingecko, LAtoken.