The day of the altcoins
It could be early for us to declare the alt season open. But today’s cryptocurrency market performance has leaned significantly to the altcoin holders side in a way we haven’t seen since Bitcoin’s come back on last April.
As we write this, Ripple’s XRP has risen by 10.92% in 24 hours as the third most significant cryptocurrency trades at $0.29. Ether, the world’s leading altcoin, is up by 8,02%, trading at USD 208, and close to knocking on the all-important psychological USD 210 price level’s door.
Most of the cryptocurrencies in the market capitalization top 20 are gaining big. Tron’s Tronix and Dash lead the way with green numbers at the tune of 10% and 9%, respectively.
But besides that winning duo, gains between 3 and 7% are present along with the top hundred cryptocurrencies. The rise in Ripple, Tron, and other altcoins is significant enough that Bitcoin’s share of the market is down to 68.2% from the previous 69%.
Is Bitcoin going Stable?
The funny thing is that the altcoin bonanza has not affected Bitcoin’s price in the least. The mother and father of all cryptocurrencies is somehow stuck at around the $10,260 level, and it keeps trading sideways with fluctuations of 1% or smaller. While this can be discouraging to traders who want to make a quick buck, it also means that Bitcoin has found a way to resist volatility.
Bitcoin’s been above the 10K USD mark since September 02. It went as high as USD 10,800 four days later. It was a false breakout, and the price went back to USD 10,400 in just a few minutes.
Besides that parabolic event, though, Bitcoin has defended the 10k mark for more than ten days, which is in stark contrast with the high volatility usually associated with BTC and the emerging asset class known as a digital currency.
If Bitcoin doesn’t rally in the next few hours, then the digital assets world leader could see some of its market value go away in the hands of alts like Ripple (XRP) and Ethereum. This all might make speculators try to ride the green altcoin waves to make up for the losses they’ve had during the prolonged Bitcoin sideways trading session.
So it seems like a good day to get involved with some altcoin of your preference. Of course, you must never forget to do your due diligence first, make sure you know and understand the technical analysis numbers of Ripple (or any other altcoin you wish to back), have a business plan and follow it to the end.
Timing is crucial in the cryptocurrency trading world, of course. But informed decisions are just as relevant if you want to have a good session today.
— The_Real_Fly (@The_Real_Fly) September 17, 2019
Whether you’re a Ripple, Tron, Ethereum or any other altcoin’s fan, green days afford us all the chance to become emotional and make big mistakes that could make us lose a lot of our digital wealth.
Stay calmed and keep a cool head. We will see more days like these in the future, so if, for any reason, you miss the chance to earn a profit today, don’t despair. Just keep paying attention in the future.
The crypto world is exceedingly exciting, to be sure. It’s also quite risky. Stay safe so you can keep enjoying it.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.