“Early Signs” of Altcoin Season as Original Coins Rise After Record Highs for XRP and BTC
After a grueling seven-year wait, XRP has set a new all-time high, while traditional cryptocurrencies are booming. Newer altcoins may be the next to pump, according to one expert, who sees Monday’s all-time high for Bitcoin as an early indication of an altcoin season.
Other cryptocurrencies like Uniswap, Dogecoin, and Hedera have also seen significant increases in value, along with the well-known retro altcoins Ethereum Classic, Litecoin, and Bitcoin Cash.
Decrypt was informed by Akshat Vaidya, CIO of venture capital firm Maelstrom, that “we’re seeing early signals of an ‘altcoin season,’ but it’s not fully underway yet.” Although Bitcoin’s dominance is “starting to dip,” he pointed out that it is still above 60%. It “clearly shows that momentum is building,” Vaidya said, adding that a shift to altcoins like Ethereum “may very well be that history repeats itself, with a post-BTC all-time high altseason.”
Ethereum Classic is at the top of the pack, up 20.3% in the last day, according to CoinGecko, but still more than 85% behind its peak in 2021.
After The DAO, an Ethereum venture capital firm, was breached for $50 million in 2016, a significant amount of Ethereum’s market capitalization at the time, Ethereum Classic was established. Many thought it threatened the network’s existence and pushed through a hard fork that would undo the hack. Those who were adamantly opposed to the change, however, continued to use what was now known as Ethereum Classic.
According to CoinGecko, Litecoin also surged to a four-month high of $110.12 before settling back at $108.73, up 9% for the day. Charlie Lee, a former Google employee, created the cryptocurrency in 2011 as one of the first initiatives to build on Satoshi Nakamoto’s 2008 whitepaper. Although it was intended to be significantly faster than Bitcoin, it was developed in its likeness.
According to CoinGecko, Bitcoin Cash has also increased 6.4% today to rank as the 19th largest cryptocurrency, despite being 86% lower than its peak in 2017.
Like Ethereum Classic, Bitcoin Cash emerged in the wake of a hard fork and network-wide dispute over Bitcoin in 2017. In this case, there was a split rather than a hack because developers and miners couldn’t agree on a plan to alter the size of Bitcoin’s blocks.
Coincidentally, Bitcoin Cash had two more hard forks, giving rise to Bitcoin Cash ABC and Bitcoin Cash SV, which then changed their names to eCash. In terms of market capitalization, both are far less than Bitcoin Cash.
Capital is initially drawn to older coins with more liquidity and investor familiarity. To see newer coins pump, you’ll need to wait for a real altseason,” Vaidya continued.
Following seven years of waiting, another traditional cryptocurrency, XRP, achieved a new all-time high of $3.65, which preceded the OG altcoin rise. Although it is not yet legally done, the project’s protracted legal battle with the SEC seems to be coming to an end, as seen by the record price.
Notable increases of 17.5%, 11.3%, and 7.6% were made by other altcoins, such as Uniswap, Dogecoin, and Hedera, during the day. The historic GENIUS Act, which establishes a framework for the development and issuance of stablecoins, was passed by the U.S. House with overwhelming support on Thursday. It was interpreted as a significant indication that the administration of President Trump is moving forward with its pro-crypto agenda.
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