Just three months ago, Bitcoin maximalists believed altcoins were over and done with. But now, a new market cycle is emerging, lifting older coins to decent price levels in comparison to the recent lows. However, the re-awakening of altcoins is making buyers seek new opportunities for growth. With many ICOs completed, new assets, coins or tokens, are getting added to the market.
Bitcoin’s price dominance is falling by the hour, to 37.9% of the entire market cap of all crypto assets. In the past weeks, the dominance of lesser-known altcoins, beyond the leading assets, has risen from 18% to more than 23%, with a trend to increase further.
New Tokens, Forgotten Tokens
In the past week, 25 new coins, tokens, and a handful of Monero forks were added to the list of available digital assets. Most newly listed assets on CoinMarketCap started dropping in price. However, some assets from that new crop are starting to show their strength.
However, the gains remain risky and highly speculative. Assets like ZCLassic (ZCL) are booming without any other upward price pressure. ZCL is an abandoned coin, possibly open to any developer team that claims it. After the Bitcoin Private hard fork, ZCL fell from peaks at $180 to a few dollars. Now, ZCL jumped by nearly 50% overnight to $11.33, enough for a short-term gain.
Projects like Super Bitcoin (SBTC), or Bitcoin Private (BTCP), are also booming. SBTC added more than 46% to a price of $20.22, while BTCP moved back to the $50 range.
Social Media Point to Altcoin Season
Just days after the major coins made their moves, starting from around April 20, smaller altcoins saw activity on social media, though with an unflattering hashtag. Yet the derision for unknown coins pumping is only part of the equation - such digital assets are often given the chance to gain prominence and become one of the mainstream digital assets.
And with the #altcoins tag booming, the market may be entering another exuberant cycle, where assets are picked just for the chance at exploiting the booming prices. And while for most assets, the price drop may also be dizzying, the crypto market once again promises high risk and high returns combined, a much more exciting chance compared to the slide and sideways drift of the past months.
This article appeared first on Cryptovest
