Altseason Looms: Top 3 Altcoins to Shine Amid Bitcoin Price Surge
The post Altseason Looms: Top 3 Altcoins To Shine Amid Bitcoin Price Surge appeared first on Coinpedia Fintech News
The crypto market is in the throes of a surge, with major altcoins in the green. A recent video analysis by the Altcoin Daily YouTube channel focused on the potential breakout of altcoin season amid Bitcoin’s surge to around $52,000.
With Bitcoin trading around $52,000, there’s optimism among investors that it could soon surpass its previous all-time high of $69,000. Historically, such milestones for Bitcoin have heralded a bullish market sentiment, leading to increased interest and investment in alternative digital assets.
However, with this insane surge, analysts see Ethereum (ETH), Solana (SOL), and Cardano as standout projects within the crypto space.
Is it the start of the Altcoin Season?
As the altcoin season approaches, Ethereum, the second-largest cryptocurrency by market capitalization, has gained recognition for its smart contract functionality and decentralized applications (dApps). At the time of the analysis, Ethereum was trading at approximately $3,400.
The expert also claims that Ethereum 2.0 would improve scalability, security, and sustainability. With this upgrade, Ethereum will switch from PoW to PoS and address scalability issues like high transaction fees and network congestion.
Solana, on the other side, is known for its high throughput and low transaction fees and has also seen significant growth. At the time of the analysis, Solana was trading around $130. Additionally, Solana’s growing ecosystem and adoption were emphasized in the analysis. The platform has seen a surge in decentralized applications (DApps) and projects building on its blockchain, contributing to its overall growth and success.
Next up on the list, which analysts see as having potential to rip the market, is Cardano (ADA), with founder Charles Hoskinson expressing optimism about its prospects. Recent reports indicated substantial growth in Cardano’s total value locked (TVL) and price. Cardano’s TVL had increased significantly, rising by 166% quarter over quarter and nearly 700% year over year.
This substantial growth in TVL reflects the increasing adoption and utilization of Cardano’s blockchain platform for various decentralized finance (DeFi) applications. ADA was trading at approximately $1.30 at the time of the analysis, showcasing considerable upside potential.
The analysis shows that people are becoming more interested in and investing in other digital assets as Bitcoin’s popularity drops during the altcoin season. Investors looking for various projects and new blockchain technologies were drawn to Ethereum, Solana, and Cardano because they were seen as having bright futures.
