Cryptocurrency news keep coming hot for yet another week of interesting events as the altcoin market is seemingly waking up. However, the market is in no hurry to buy the news and it doesn't appear that we will see another altcoin season any time soon. The hype created around Bitcoin this year has affected its price, but the situation with altcoins is different. For instance, Ripple announced a cooperation with SBI and the price didn't rise as it did back in 2017 when this type of news had a great effect. In the wake of the hype surrounding the phenomenon of ICOs, the market's correction is a healthy one. Although there are some altcoins that are trying to break through, right now there is no success and we may not have seen their bottom at this time as Bitcoin continues to gain popularity. Ethereum is approaching an upgrade called Istanbul which should help with its scalability issues. The trend of Airdrops is also coming back as Bancor and Stellar will soon be distributing coins in an attempt to increase the usability of the network and possibly influence the price. Tether also announced that they will issue another stable coin backed by the Chinese Yuan, while Paxos announced that they will issue a gold-pegged cryptocurrency. Eos is also planning an upgrade soon and the launch of Telegram's Open Network is also around the corner so it's possible that another altcoin season may be approaching. |
Bitcoin Struggles To Maintain Long-Term Support Above $10K, Altcoins Comeback? Weekly Crypto Market Update