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THE ALTCOIN SEASON IS HERE

Institutions are moving into other coins

by Poker King|September 10/2019|views: 85

With Bitcoin’s recent fluctuation, altcoins are in the green. This makes up for investors finally considering a diversification of their crypto holdings. Excluding Bitcoin, the prices of multiple altcoins have risen. Leaders in that team are Ethereum (ETH), gaining over 8% over one weekend, and EOS, increasing with over 15%. A third one is Cosmos (ATOM), rising with more than a fifth.

Bitcoin’s dominance subsided with a fall beneath 70%. This new value suggests moving into altcoins and expanding the overall altcoin market cap up by $6 billion.

“The crypto markets have been rather stagnant on the surface lately yet it seems that some of the fundamentals have been creeping up on us.” Said Mati Greenspan – senior analyst at eToro in regards of the Bitcoin’s hash rate, continuing to hit new highs since the 2017 initial boom.

WHO BUYS ALTCOINS?

Institutional investors have attributed the massive movements in Bitcoin by purchasing big bits from it. Most new developments in crypto derivatives have acted as a bullish signal to drive the Bitcoin price up.

A recent way to determine the moves of crypto is the TIE – determining the disparity between an asset’s popularity on social media and its price movement.

image source: The TIE

It is speculative if the moves are due to retail investors purchasing altcoins without measuring their corresponding increase in social media. Three platform tokens have already benefited from the rise, making it a sign that more exposure to virtual assets with other functions might be of an added value to institutional investors.

While the market is moving, EOS plans their 1.8 update. The crucial 1.8 network upgrade on September 23rd will allow dApp developers to ease the CPU costs, usually paid by users and remove key friction components in the UI. 

The rest of the market varies. MKR, BTT and ONT are currently on the rise, while RVN, CRO and REP are facing slight losses of 3.71%, 4.4% and 3.13%.