Bitcoin fans can at least breathe easy as BTC remains near $8300 today – but some analysts are scanning altcoins like Ethereum and, notably, Binance coin, to look at how altcoin season may be coming back.
“Altcoins shared in the exuberance surrounding Bitcoin’s parabolic price rise, with the majority of top market cap cryptocurrencies posting notable gains,” writes Benjamin Pirus today at Cointelegraph. “After painting its 2019 high of $13,880, however, Bitcoin declined in price, posting lower highs. During this period, altcoins lost all momentum they had gained during Bitcoin’s price run, spiraling into strong downtrends. … The state of the altcoin market seems to have changed though, as Bitcoin’s market dominance falls and many digital assets start to show positive market data.”
In a segment called “altcoins showing signs of life,” Pirus talks about recent happenings with Binance coin.
“This week Binance Coin (BNB) rallied more than 9% after Binance announced compatibility with Alibaba’s Alipay service and popular messaging platform WeChat, opening the door for fiat payments on the exchange,” Pirus adds.
“This news could be the jumpstart BNB needs to turn its downtrend around. Prior to the news, BNB hit a local bottom of $14.25, currently sitting at $17.47 at press time. The digital asset, however, still needs to prove itself in terms of a reversal.”
Watch BTC, ETH, and BNB as values shift through the market day.