Crypto 2020: Altcoin Season Has Arrived, According To Key Index
The crypto market saw a really exciting rally a few days ago when BTC seemed to be racing towards $9,000. The race stopped, and now the crypto market looks pretty mixed.
The most important coin in the crypto market is trading in the red, and at the moment of writing this article, BTC is priced at $8,847.07.
Important index shows that the altcoin season is here
It’s been revealed that the crypto analyst and economist Alex Kruger said that there’s an index of the largest cryptos outside of the top 10 coins by market cap that proves that the altcoin season has arrived.
Kruger mentioned the latest data coming from Bitwise 20, which is showing the 11th through 30th biggest crypto assets are up to 53.5% since January 1st compared to BTC 21% rise in the same time frame.
Kruger said that he hopes traders are celebrating but warns that each of the coins will have to prove its worth in the long run.
“We often joke about alt-season, but these definitive qualities [sic] as such. I hope everyone has made a killing. Most of these tokens still are vaporware regardless.”
Coins’ falls from their all-time high
It’s been also revealed that the crypto price aggregator CoinGecko tracks how far the coins have fallen since their all-time highs.
The data highlights the extreme volatility and risk involved in investing in cryptos.
Drop From All-Time Highs:
Bitcoin – Down 54%
Ethereum – Down 88%
XRP – Down 93%
Bitcoin Cash – Down 90%
Bitcoin SV – Down 24%
Litecoin –Down 83%
EOS – Down 82%
Binance Coin – Down 54%
Ethereum Classic – Down 79%
Tron – Down 92%
Bitcoin’s price trajectory
Bitcoin’s price trajectory is also debated by a video of Luke Martin of Venture Coinist. Martin appeared on CNBC in 2019.
— The Wolf Of All Streets (@scottmelker) January 15, 2020
“I think the biggest thing that still gets brought up, and maybe is misunderstood or not known, is how well Bitcoin has done. Even this year. A lot of people still think that everyone’s underwater on the Bitcoin they bought,” he said.
Despite the huge volatility of the crypto market, there are various optimistic predictions coming our way these days.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.