Market Update: Crypto Asset Prices Spike Massively, Speculators Claim 'Altcoin Season' Is Here
A number of crypto-asset markets saw significant gains on Saturday, as a myriad of digital assets spiked between 4-40% in value during the last 24 hours. The entire crypto market capitalization had risen above $540 billion, as top-ten coin values from the likes of bitcoin cash, cardano and XRP jumped massively in value.
On Saturday, November 21, 2020, the overall market valuation of all 7,000+ crypto-assets in existence is around $520 to $540 billion. At the time of publication, there’s also around $20 to $32 billion in global trade volume as well.
The top digital currency in terms of market cap, bitcoin (BTC) jumped over 1% today and coasted along at a daily high at $18,840 per unit. BTC’s modest gains today is nothing compared to a number of coins that have jumped significantly in value.
— Du'An Lightfoot (@labeveryday) November 21, 2020
The altcoin spark has caused a number of speculators to believe that a highly anticipated ‘altcoin season’ is looming on the horizon. For instance, the third-largest market cap today is held by XRP and the asset saw a 33%+ spike on Saturday driving the price up to $0.42 per unit high.
The second-largest crypto by market valuation, ethereum (ETH) traded for $540 per ether at its high and is still up over 4% today. Chainlink (LINK) jumped over 8% and LINK now trades at over $15 per coin. Litecoin (LTC) has seen a phenomenal week gaining 38% during the last seven days. LTC is up over 7% on Saturday afternoon (EST) and had traded at a daily high at $87.46 per coin.
#Altcoin season is back!!! 🌊
— Justin Nguyen (@justinizc00l) November 21, 2020
Bitcoin Cash (BCH) is up 14% this week and most of that stems from the 18%+ jump BCH experienced this Saturday. BCH is was swapping for $303 per coin, as the crypto asset crossed over the psychological $300 resistance zone. Currently, BCH is trading between $296 and $301 at the time of publication.
Polkadot (DOT) bounced 6.9% and the crypto asset BNB gained 5% on Saturday. The tenth position in terms of market cap, cardano (ADA), leaped over 17.6% this weekend and was trading at a $0.128 per unit daily high.
The biggest gainer on Saturday is crypto.com’s MCO coin, which gathered 109% in value and the biggest loser is indorse token (IND) which lost 59% today.
According to a number of posts on the Reddit forum r/cryptocurrency and trending conversations on Twitter, numerous individuals believe “altcoin season is back,” because of Saturday’s altcoin market performances. Other notable gainers today include; EOS (15%), XLM (20%), VET (19%), IOTA (19%), DOGE (18%), and ALGO (14%).
“November 2020: Official Altcoin Season Starts. Let the games begin,” tweeted the Twitter account ‘Cryptobud.’
What do you think about the altcoin performances this weekend? Let us know what you think about this subject in the comments section below.
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