The day has seen altcoins begin to push higher after stalling for a couple of days. Since prices crashed after a failed break above at the end of the weekend, the market has been subdued. Today, however, altcoin bulls have resurfaced. This sees a number of altcoins soar.
Among the best performing is Cardano which has surged by more than 5% at the time of reporting. The altcoins’ performance, however, seems to have come at the expense of Bitcoin.
The number one digital asset, which is hampered at the $8,600 position, seems to be caving into bearish pressure. This has particularly been evident through its falling dominance percentage.
Bitcoin has in 2020 been outperformed by a number of top altcoins. This could well mean the return of the altseason that was heavily awaited for the better half of 2019. Last week as altcoins were surging by double digits, Bitcoin was lagging behind. As a result, we have seen its dominance gradually drop as investor money moves away from it and into altcoins. In the last few hours, the same trend has been observed. Altcoins have begun pushing upwards while Bitcoin has stalled and its dominance extended its decline.
Among the best performers is Cardano which has gained more than 7%. This could see it clinch the number ten spot from Stellar which is recording negative results at the time of press. For the last couple of months, there has been a heated war between Cardano, Stellar, Tron, and Monero for a position in the top ten. With a little over $100,000,000 differentiating the three tokens in market cap, the number 10 spot holder keeps changing.
Cardano’s Upcoming Hard Fork
Cardano, for now at least, seems destined to take the tenth position. Its great performance comes from the back of an announcement by Charles Hoskinson the man behind Cardano. He announced late last week that the coin will undergo a hard fork mid-February. He noted that he expects that this will see Cardano’s consensus algorithm upgraded.
According to Hoskinson, the infrastructure is already complete and they are only awaiting confirmation from their exchange partners. This is one of many recent developments around the project that continues to motivate Cardano bulls that the token is destined for greatness in the months and years to come.