The latest release by Coin Metrics’ weekly bulletin; ‘State of Network: issue 86’ main focus was on how altcoins have performed since the bull run started in late December, 2020 and so far into this year, 2021.
The release acknowledged the fact that we’re currently witnessing a time in the cryptocurrency industry that looks like the Alts season. Alt coins/ alternative coins are cryptocurrencies or digital assets other than Bitcoin. These cryptocurrencies have smaller market capitalization compared to the first cryptocurrency by market capitalization; Bitcoin. Litecoin($LTC), Bitcoin Cash($BCH), Ripple($XRP), $EOS, among others are examples of alternative cryptocurrencies.
Furthermore, the report by Nate Maddrey (@natemaddrey) stated how alt coins that were highly valued and hot in the cryptocurrency industry during the ICO boom of 2017 are now more or less dead coins;
“Many alt coins have come and gone over the years. Most notably, during the ICO boom during 2017 hundreds of new tokens were launched at ridiculously lofty valuations, many of which are now dead and gone”.
Current rally driven by Institutional Investors
However, the report went on by stating that the 2017 Bull Run is quite different from that of this year, 2021 in the sense that the institutional investors are behind the rally, not the retail traders. Although the release claimed that the rallying of alt coins is determined exclusively by the retail traders as institutional investors focus mainly on $BTC and $ETH. It compared alt coins to penny stocks which individuals that seek sizable gains invest in;
“…this current run is a little different: signs point to it being driven by institutional investors, rather than retail. Alt coin investing is largely considered a retail phenomenon. Similar to penny stocks, it’s often driven by individual investors looking for outsized gains.”
Altcoins doing the Bulls party
The coins that could be termed as being in the alt season are Ethereum; it should not really be called an alt coin any longer but by definition of alt coin in this piece, it is an alt coin. Others are Chainlink ($LINK) Polkadot ($DOT), Binance Coin ($BNB), $DOGE, $LTC among others.
Meanwhile, XRP and EOS might be excluded from the party. Ripple (XRP) started dipping when its case with the SEC (Securities and Exchange Commission) started. Losing the case set the ‘sell off’ process by investors in motion. EOS on the other hand only had a dip of about 7.5% due to the resignation news of Block One’s CTO, Dan Larimer.
What do you think? Share your comments
Giveaway Scam Resolve; Bitcoin.org is back online: Will the perp be found?
VanEck to Give Clients Access to Crypto by Offering a Solana ETF
Solana based DEX, Orca Closes $18M Series A Round
We don’t expect all businesses to adopt e-Naira –CBN
We chose Bitt Inc for the e-Naira because of Capacity & Experience – CBN
KB24 Launches NFTs Collection in Memory of Kobe Bryant, Proceeds to be Given to Charity
President of Turkey Says the Country is at War with Cryptocurrencies
Monetary Policy has been replaced with tyranny; e-Naira will be a flop – Chiagozie Iwu
El Salvador Adds Fresh 150 Bitcoins as BTC Price Slides
Watch the Latest Edition of Inside Blockchain – 29th Nov. 2020
Crypto Roast is LIVE – 27th Nov. 2020
AMA Series with Beam CTO & Tech Lead, Alex Romanov
Keep it Locked on to Cryptotvplus
Inside Blockchain | 16.11.2020
Inside Blockchain: WHY YOU SHOULD BECOME A BLOCKCHAIN DEVELOPER
How Blockchain Technology Can Transform Governance In Africa
E-naira Project Award to BITT Raises Regulatory Questions
The Central Bank of Nigeria’s e-naira Project has generated a number of questions lately. The most recent is the contention...
Ecosystem Growth Fund: The newest ways to market and promote blockchain platforms
Fantom, Harmony, Algorand & OKEx has in less than a month announced a billion dollars fund to boost development on...
TOKEN2049 Returns for In-Person Event this October in London
Highly anticipated conference at the forefront of the digital assets space marks the return of one of the first major...
OKEx Launches Super Affiliate Program
Are you a KOL or content creator in the crypto space? Do you want to boost your earning by introducing...
Influencers Are the Drive behind NFTs Popularization – Karla Obarkpolor
The founder of NFT marketplace Qlipit and Crypto Asset Management Company, Crypto Smart has stated that influencers have played big...