Several altcoins are experiencing new price increases as the crypto market gets excited about the future of these cryptocurrencies. Analysts consider that these price increases could be very positive for the coming months as it could spark a bigger bull run in the crypto market.
Is This a New AltSeason?
In recent weeks, several altcoins have been traded registering gains in USD and BTC terms. At the same time, some of these altcoins broke all-time highs and some others reached their higher value in years. Of course, this looks very positive for the entire crypto market.
Chainlink (LINK), Cardano (ADA), Crypto.com (CRO), Dogecoin (DOGE), and Tezos (XTZ) are some of the virtual currencies that have registered the largest gains in recent weeks. Most of these cryptocurrencies have experienced gains due to their developments and announcements. And indeed, the entire market then moved higher with moderated gains.
The main question remains open on whether this would be enough to spark a new bull run in altcoins and also in the general crypto market, including Bitcoin (BTC) which is now traded around $9,380.
Bitcoin dominance has also fallen in recent days from 68.22% in May to 62.95% a few hours ago. Specifically, many altcoins that were not among the top 10 were able to experience the largest increases. However, the coins among the top 10 remained somehow stable.
Dogecoin has surprised crypto users when the virtual currency that was born as a meme jumped by a fantastic 50% in one day. These make users remember about the old days of the virtual currency market when altcoins and many cryptos were able to experience such large and massive gains from one moment to another.
DOGE moved from $0.002304 to $0.005335 in just a few hours, which represents more than 100% increase. At the same time, the price surge was accompanied by a lot of volume from traders in the market, which allowed DOGE to remain traded around $0.0043. This is the largest price reached by the cryptocurrency since October 2018 when DOGE touched the $0.006 level and then fell to $0.0024 a few months later.
Now, experts and crypto enthusiasts continue to analyze the market to understand whether this would be the moment to enter the market or wait for a better opportunity. Nevertheless, some altcoins have already allowed users to make some good profits this week.