Old School Altcoins Can’t Stop Popping
Left, right, and center altcoins have been popping off, producing 100%+ gains for those fortunate to have been holding a bag. On March 11, viacoin (VIA), which has languished in the crypto doldrums for months, went stratospheric, rising by over 80% in just a couple of hours. A couple of days earlier, it was another altcoin with a Dutch connection, groestlcoin (GRS), that embarked on a moon mission, shooting up by over 200%.
Notable examples include cosmo (up 471% for the year to date), enjin coin (318%), inocoin (343%), metadium (301%) and theta (219%). Popular wisdom holds that alt season occurs when cryptos begin recording significant gains in unison, with movements occurring wholly on speculation rather than fundamentals, prompting BTC’s dominance of the entire market to slip several percent. That hasn’t occurred yet, with bitcoin stubbornly clinging to a dominance of around 51.5% since the start of the year.
Alt season is not back, therefore, despite the fact that half of the coins in the top 50 by market cap have posted double-digit gains for the year to date, the majority by 25% or greater. Just two of the gainers from this list – dash and monero (4% apiece) – are in single figures for the year, and the biggest winners from the top 50 – ENJ, THETA, BNB, and CRO – have notched up triple-digit growth. While the explosive growth of altcoins such as viacoin appears unrelated to project fundamentals, other surges are easier to attribute.
