While Bitcoin (BTC) has been struggling to build any buying pressure at its present price levels, the scenario for overall crypto market has garnered positive gains.
It is not a false supposition that the recent bullish trend is nothing when compared to the trend in 2017. However, investors and anlaysts are scrutinizing whether the bigger price trend will persist or not.
Mati Greenspan, the senior market analyst at eToro, emphasised that that the markets are currently in altseason. The reasoning behind his statement being multiple individual cryptos have bounced back from their all-time-lows.
While most cryptos are still down 80% or even 90% from their all-time-highs, the recent price surge is an indicator that markets have already found a long-term bottom.
At press time, Cardano (ADA) trading up nearly 11% at its current price of $0.064. It has risen up signficantly from its weekly lows of under $0.05 and is trading at a one-month high.
As per data from Coinmarketfeed, Cardano [ADA] heads north with a growth of 7.72 percent within a few hours after defeating TRON (TRX) from its position and trading with the value $0.05 against US Dollar.
Also Cardano [ADA] cryptocurrency when compared to TRON [TRX]’s market capitalization has held a brief surge in average trading. Consequently, former stands with $1,559,761,833124 trading volume while latter with $1,531,069,190.
This surge has been attributed to recent release of Cardano version 1.5. The version brings Cardano, a step closer to its Shelly release. The release will convert it to a proof-of-stake blockchain.
Bitcoin Cash (BCH) saw an increase of 3%, and TRON(TRX) witnessed a gain of 5%. Analysing the price gains that many individual cryptos saw over the past month, it appears that crypto markets might be infected, by what analysts call altseaon and a long-term bottom may have been established.
Vitalik Buterin, ethereum co-founder recently admitted that Ethereum is losing its lead in the cryptocurrency space. He highlighted that many cryptocurrencies in the space are taking various unique approaches to reach the same target as that of ethereum, making ethereum less popular than before.