Altcoins have surged overnight and revived bullish sentiments around them. For the last few weeks, altcoins have struggled to rally. This has been a consequence of investors heavily investing in Bitcoin.
This has seen the crypto leader garner more than 70% of the market dominance in recent times. With Bitcoin seeming to slow down, altcoins have seized the opportunity to get back up. Leading the bullish move are some of the highest-rated coins. Surging by more than 10%, ETH, XRP XLM, and TRX are leading the newly found path.
Stellar’s XLM is the top gainer in the top 20 coins reaching as high as 30% in the last 24 hours. Ripple’s XRP has come second hitting highs of 15%. ETH and TRX, on the other hand, have not hit double digits but are trading more than 7% above recent ranges.
Other altcoins are enjoying gains ranging from 2% to 15% which have added up and seen the total market cap climb above $270 billion. More importantly, the revived sentiment has seen investors begin moving to altcoins.
Bitcoin dominance which has been above 70% for sometime has fallen to 67.5%. Back when the altseason was at its height, Bitcoin dominance was in the lows of 55%. This means there is still a long way to go before altcoins can begin rallying as high as they did at the beginning of the year.
Altcoins Still A Long Way From All-Time Highs, Time To Catch Up With Bitcoin
Altcoins are not only far from enjoying the dominance they want but also far from respective all-time highs. Bitcoin gains in 2019 have seen the asset reach $10K, just 50% from its all-time high of $20K. No other cryptocurrency has come this close to its all-time high. Nearly all altcoins remain more than 80% below their record highs.
As a result, most projects have stalled in terms of development with investors scarce, further damaging prices. If this is to turn around, dominance needs to climb, prices will follow and development becomes rapid.