The Altcoin market is buzzing as Bitcoin consolidates above $59k. majority of Altcoins are in the green, while a few went ahead to chase new all-time highs. BitTorrent (BTT), a peer-to-peer communication protocol for file sharing through the internet went ahead to set fresh all-time highs of $0.003975 on March 20.
Tokens such as Pundi X (+26.79%), XRP (+12.27%), Ravencoin (+10.61%), IOST (+13.51%) rose in the last 24 hours following a fresh wave of optimism in the Altcoin market. The Altcoin market’s capitalization has also clocked a new record high of nearly $730 billion.
BTT/USD Daily ChartA pseudonymous trader “Rekt Capital” spoke along this lines:
“Altcoin Market Cap launched into new All-Time Highs from the very same level that launched Altcoin Market Cap into new December 2017 All-Time Highs. A perfect example of market cyclicality if there ever was one.”
Bitcoin’s consolidation is giving Altcoins ample room to run. This is causing more traders to anticipate more “Alt season”. A well-known analyst indicated that the Bitcoin dominance chart shows a potential bottoming construction at a key support level. As long as Bitcoin dominance continues to weaken, Altcoins would continue to strengthen.
Bitcoin Dominance ChartOn another note, XRP continues in its battle with SEC. During a hearing on Mar. 19, the Commission’s trial attorney Jorge Tenreiro told Magistrate Judge Sarah Netburn that XRP cannot be compared to Bitcoin and Ethereum. Ripple however maintains its stance stating that “the economic substance” of its native crypto asset XRP’s transactions is no different from BTC and ETH.
Amid all these, Ripple claims that the SEC lawsuit hasn’t affected its expansion in Asia in any way. Ripple recently appointed a former Uber executive, Brooks Entwistle to lead its expansion into the Southeast Asia region.
On Mar. 20, XRP surged to intraday highs of $0.53 while awaiting further breakout.
Pundi X (NPXS) has been on a tear in the last two days after Pundi X CEO, Zac Cheah confirmed staking and token reduction later on this month. Pundi X is reducing its token supply to a 1000:1 ratio and rebranding the native token from NPXS to PUNDIX.
Pundi X traded to highs of $0.0083 today before retreating to $0.0064 as of the time of this post.
Image Credit: Tradingview, Shutterstock
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