Cardano, Litecoin and Binance Coin Lead the Altcoin Market
Three cryptocurrencies are now leading the surge in Altcoins. Cardano (ADA), Litecoin (LTC) and Binance Coin (BNB) are the three digital assets that grew the most in the last 24 hours among the top 10. Altcoins are currently moving higher and market participants are excited about the coming days, weeks and months.
Cardano, Litecoin and Binance Coin Push the Market Higher
While the last month we have been talking about Chainlink (LINK), Cardano (ADA) and Crypto.com (CRO), now we need to focus on Cardano, Litecoin and Binance Coin. These three digital assets have grown in the last 24 hours by 6,39%.
In this way, ADA, LTC and BNB are now the 7th, 8th and 9th largest cryptocurrencies in the market with a valuation of $3.37 billion, $3.06 billion and $2.85 billion respectively. The three represent 3,21% of the entire cryptocurrency market.
While Litecoin developers are working on privacy-focused solutions, Cardano is expanding its decentralized network and Binance Coin is adding new use cases with the Binance platform. This shows the fundamentals and the sentiment in the market are alienated, which does not happen usually.
It seems that a new altcoin season is starting and it is allowing a large number of users to become bullish for the coming months in the cryptocurrency space. It is worth mentioning that in the last year, there were only two bullish moments for cryptocurrencies, June 2019 and the first six weeks of 2020.
BItcoin is Also Waking Up
We could finally see altcoins moving away from their two-year downtrend. Furthermore, Bitcoin (BTC) is also starting to show its strength. In the last few days, the digital currency moved above $9,500, which was considered to be a very important price level for BTC. The main question remains on whether the largest cryptocurrency will be able to remain above that level of if it will fall again.
Bitcoin could definitely start moving higher in the next months and surpass its previous local high of $10,500 and $13,750 more than a year ago. If that happens, we could be moving towards a new bull market in the cryptocurrency space.
It is also worth taking into consideration that Bitcoin’s dominance reached its lowest point in more than a year, showing that many altcoins are starting to move higher once again. At the time of writing this article, Bitcoin is being traded close to $9,600.