Altcoins
Ripple’s XRP Steals the Show as Glassnode Execs Say Roaring Altcoin Season Could Be Ahead ⋆ ZyCrypto
The founders of blockchain analytics firm Glassnode believe the cryptocurrency market is about to experience a new full-fledged altcoin rally.
Are we entering Altcoin season soon?
Altcoins are set to re-enter a bullish phase, with signs becoming clear amid Bitcoin price consolidation action.
Glassnode founders Jan Happel and Yana Allemann Underlines On their joint X account “Negentropic,” the tech-heavy Nasdaq index fell 2% on July 11. In contrast, the iShares Russell 2000 ETF (IWM), an index of U.S. small-cap stocks, gained more than 3%. This essentially suggests that investors are moving into riskier assets in an effort to maximize their returns.
Analysts have compared the current scenario to that of November 2020. The small-cap industry started surging around that time and continued to extend its gains in the following months.
Happel and Allemann believe a similar situation could play out in the cryptocurrency market, with investors taking some of the profits from crypto giant Bitcoin and investing them in Ether and other alternative cryptocurrencies. In such a scenario, BTC takes a breather while altcoins outperform. “Will we see the same thing again? Will the rotation create a massive altcoin rally? We think it could well happen!” they posit.
Ripple’s XRP steals the show
Ripple-linked cryptocurrency XRP recently outperformed Bitcoin following the German government’s decision incessant dumping of its BTC assets these last weeks.
For context, wallets labeled as belonging to the German state of Saxony liquidated all 49,857 BTC they contained. grasped movie piracy site Movie2k in January, representing over $3 billion in sales pressure. Additionally, refund of about 140,000 BTC to creditors of now-defunct crypto exchange Mt. Gox has reduced traders’ appetite for Bitcoin.
BTC price briefly topped $59,000 on Thursday before dropping to $58,630 at press time after a failed assault on the $60,000 level. XRP, on the other hand, gained 10.7% on Saturday after bitcoin’s price crashed. CME Group Real-Time Indices and Reference Rates Debut for the Ripple affiliated token.