Has altseason has already begun? ETH up 12%, Tezos up 20%

www.chepicap.com 2019-05-16 00:50
Reading time: ~3 m

Today the market is showing signs of a potential alt season, with the vast majority of cryptocurrencies in the top 100 citing increases of over 10%. But what’s the driving force behind this momentous climb? And will it continue?

While altcoins seem to be popping off left right and center, Bitcoin continues to sluggishly move sideways.

This is likely a direct effect of traders pulling out their recent BTC gains and chucking them into alts, in anticipation of what is deemed to be the start of altseason.

At the moment Bitcoin (BTC) is fairly stable above $8K cutting a current price of $8062 a slight 24-loss of -0.10%.

Cryptocurrencies within the top 10 paint a very different story; with all the stars aligning for altcoin prominence:

The #2, Ethereum (ETH) cites an impressive 24-hour increase of +11.76%, currently at a price of $231.

Litecoin (LTC), EOS, and Binance Coin (BNB) all relay modest increases of +2.78%, +4.96%, and +6.72%, respectively.

Stellar (XLM) and Cardano (ADA) stand out head and shoulders above the rest, reporting a bullish +10.99% and +11.04% respective increase on the 24-hour charts.

However, stealing the show is XRP which is citing its own levels of parabola, currently up +13.78% in the past 24-hours. The Ripple token is still apparently riding high on the news that Coinbase had enabled XRP trading for residents of New York.

XRP (XRP) is now available to Coinbase users who are New York residents. New Yorkers can now log in to buy, sell, convert, send, receive, or store XRP on https://t.co/bCG11KMQ6s or using our iOS and Android apps.https://t.co/5VE1WklrWo pic.twitter.com/Zp5odgaoHs

— Coinbase (@coinbase) May 13, 2019

Outside of the top 10, it’s hard to argue that altseason isn’t already underway, with gains of +10.62% from TRON (TRX), +11.93% from Ethereum classic (ETC), and +13.25% from VeChain (VET) as well as Tezos (XTZ) citing an impressive +20% increase in 24 hours…

It seems while some altcoins are simply along for the ride, others have news propelling them along, such as NEO which is currently citing a massive +15% increase after the project received $100 million in funding:

Da: We are exhilarated to unveil #NEOEcoBoost $100M funding into NEO's ecosystem! The goal is to activate seed proj, support dApps growth, further dvlp infrastructure & bolster institutional collab. NEOEcoBoost extends beyond funding to tech support, community synergy & promotion pic.twitter.com/G9P8xnpwVo

— NEO Smart Economy (@NEO_Blockchain) May 14, 2019

However, Project Pai (PAI) - a relative newcomer to the top 100 - is today's highest gainer, citing an impressive rise of +23.97% on the 24-hour charts.

This spectacular rally from PAI comes from a somewhat dubious, but seemingly effectively marketing campaign in which the project alluded the apparent unveiling of Satoshi Nakamoto.

Hello everyone and welcome to my debut. Built by @ObenMe using the latest AI technology - I’ll be serving as the world’s first AI anchor for crypto and blockchain news. Learn more about me at https://t.co/aG6pEkOerK pic.twitter.com/yWxXTqybfG

— gotsatoshi (@gotsatoshi) May 14, 2019

While the community mostly rejected this PR stunt, the market has apparently responded quite differently…

All eyes are on Binance, who reopen their deposit and withdrawal functions today after over a week on a temporary pause. Many are anticipating that altseason may truly kick off once the exchange opens the flood gates…

What do you think? Will we see a continued rise from alts, or the complete opposite?

Let us know your thoughts in the comments!