After a small price spike in late July, many crypto price analysts believe August will be the month the real bull run will come.
Is a new bull run starting?
The current market cap for crypto is around $ 300 billion, which many pricing experts see as a sign that another bull run is imminent. The current situation is similar to that of early June, when market capitalization last hit a total of $ 300 billion. The market was still extremely bearish back then.
Now the situation seems to be changing for the better, and in the past few days the prices of many cryptocurrencies have increased. Since then prices have fallen again, but many see this as a minor setback and are preparing for the real bull run.
Cash flow soared last week when Bitcoin hit $ 8,200, and many cryptos, including Cardano (ADA), NEO, EOS, and others, saw a steep several percent increase. While not that many altcoins saw big gains, Bitcoin was the one leading the price shift. Even so, the majority of crypto backers have found this to be positive and as an indication that the market is ready for a period of recovery.
Despite the fact that the prices of several coins have changed significantly, there have also been some that have seen some losses. Because of this, there are also some analysts with a pessimistic view of things who claim that this situation could lead to the disappearance of several altcoins.
Currently, Bitcoin continues to dominate the market with around 46% of the money. However, that percentage is dwindling compared to Bitcoin as it was in 2013 when it dominated the market with 75-90% of the money. However, that’s a significant increase from what was seen earlier this year when BTC’s market dominance fell to just under 30%.
What will happen to altcoins?
If we look at the brief history of cryptocurrencies, it is clear that the biggest price shifts usually occur at the beginning and end of the year. For example, last December, Bitcoin hit $ 20,000 while Cardano topped $ 1.20 and NEO hit $ 162 per coin.
As soon as January came, the majority of cryptos plummeted. However, in July 2017, Bitcoin lost much of its dominance and dropped to just 40%. At the same time, however, many altcoins rose, some of which even threatened to overtake if the situation continued. Now history seems to repeat itself for Bitcoin, with the dominance at 47%. However, the same is not true for altcoins, which are falling even more instead of rising like last year.
This is the situation that has given rise to many conflicting opinions about what is to come next. Some believe the bull run will begin within a few days, while others claim that this could be the end of all altcoins. If so, this recent price hike has been the wrong sign of hope for many investors, and altcoins may really be exhausted. The situation might not be that bad, however, and many altcoins could survive even if the majority fell.
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Disclaimer: This article should not be construed as, and is not intended to be, investment advice. Global Coin Report and / or its affiliates, employees, authors and subcontractors are cryptocurrency investors and may or may not have interests in some of the coins or tokens they cover from time to time. Please do your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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