Friday, January 27, 2023
HomeNews“Altcoins on the Cusp of Something Historic”- Here Is Why the Spotlight...

“Altcoins on the Cusp of Something Historic”- Here Is Why the Spotlight Is Shifting to Ethereum and DeFi Tokens

Notable DEXs have also recorded historical milestones in Q1 such as PancakeSwap becoming one of the largest DEXs by volume, THORChain cross-chain liquidity protocol going live in April, and Bancor’s resurgence with the V2.1 launch.

Crypto analyst and trader, Rektcapital @rektcapital tweeted on Apr. 22 regarding the ETH/BTC chart standing

‘Altcoins are on the cusp of something truly historic.’

He also hinted at how ETH is fast becoming the currency of the digital world “When you price anything up in DeFi, NFT, community tokens or even metaverse worlds, everything is priced in ETH, including designers time. ETH is rapidly becoming the currency of the digital world and BTC is the pristine collateral and base layer.”

A reducing Bitcoin dominance is also buoying Altcoins’ bullish prospect as analysts have noticed that each time Bitcoin loses the 50% mark, Altcoins rapidly move in to fill in the opening, often led by Ethereum (ETH). As of press time, Bitcoin dominance was standing at 50.0%.

This loss of ground in Bitcoin dominance often sparks ‘the Alt season narrative — a phenomenon that is part of the market cycle where Altcoins rally in their BTC and USD pairings.’ This often cools down when Bitcoin starts to pick up the pace again, which was the case in both mid-2017 and early 2018.

Should history repeat itself, then Altcoins could be on the cusp of something monumental, as stated by the crypto trader @ rekt capital who claims that Ethereum’s breakout to new all-time highs is going to serve as fuel for the next step of Altcoin rallies.

Presently, Bitcoin and the majority of Altcoins are seeing pullbacks in their USD pairings, the trader believes that given the number of years it has taken for Altcoins to develop and form the macro price positioning and market structures they presently have, therefore ‘A pullback on Altcoins here or there won’t affect the inevitable macro uptrends that lie ahead.’


Most Popular