Although Bitcoin has been struggling to garner any significant buying pressure at its current price levels, the overall crypto markets have been able to post some relatively large gains, and multiple cryptos have surged today.
Although the recent bullish price action in the crypto markets is minuscule compared to what was seen throughout the second half of 2017, investors and analysts alike are keen on discovering whether or not the current price action constitutes the start of a bigger price trend to persist for the year to come.
Could the Crypto Markets be in the Mythicized Altseason?
Ever since the cryptocurrency markets plummeted in early-2018, traders, investors, and analysts have been speculating about when the crypto markets could possibly return back to – or break above – their previously established all-time-highs.
This event has been aptly dubbed “altseason,” and represents the mythicized resurrection of the cryptocurrency markets.
Mati Greenspan, the senior market analyst at eToro, believes that the markets are currently in altseason, as multiple individual cryptos have been able to post decent recoveries from their all-time-lows.
“As we’ve been discussing for several weeks now, the crypto market is currently in the throes of altseason. This is a necessary process where a lot of the [cryptos] and garbage ICOs of 2017 are losing their value as investors dump them for tokens with greater potential,” he explained in a recent email.
Although most cryptos are still down 80% or even 90% from their all-time-highs, the recent price action may signal that investors believe that the markets have already found a long-term bottom and are ready to begin recovering.
Individual Cryptos Surge Today
As a sign that the markets are truly experiencing altseason presently, many individual cryptos have surged today and over the past week.
At the time of writing, Cardano (ADA) is one of the best performing cryptocurrencies, as it is currently trading up nearly 11% at its current price of $0.064. ADA has surged significantly from its weekly lows of under $0.05 and is currently trading at a one-month high.
This surge may be partially due to the recent release of Cardano version 1.5, which brings the crypto one step closer to its highly anticipated Shelly release, which will convert it to a proof-of-stake blockchain.
Other cryptocurrencies have also posted higher-than-average price gains today, with Bitcoin Cash (BCH) climbing over 3%, and Tron (TRX) surging 5%.
When considering the price gains that many individual cryptos have experienced over the past month, it does in fact appear that the cryptocurrency markets may be in the throes of altseason, and that a long-term bottom may already have been established.
