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Altcoin Season is Kicking In

Altcoin Season
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It is the altcoin season again, fuelled by XRP, Stellar, and TRON. The price of XRP hit a three-year high with a 55% rise in price. Polkadot (DOT) and TRON (TRX) have surged 32% and 104% respectively in the past 7 days.

Bitcoin’s price surge is usually followed by the altcoin season. The price of BTC hit the mark of $60K twice in the last couple of weeks. At the moment, bitcoin has spiked 3% in the past 24 hours. This has taken the value of the cryptocurrencies’ market beyond $2 trillion for the first time in history.

Altcoin Season

Altcoins season kicked in with ether’s rise, followed by a surge of XRP, Polkadot (DOT), and TRON. Ether (ETH)  hit the all-time high value of $2,149, today. It is the second-largest cryptocurrency according to market capitalization. People

XRP has had a 55% price surge leading the price to $0.89. This is the highest price of XRP since 2018. It has Sixth place on the coin market cap. The sudden spike in price has motivated trader to trade the currency. Resultantly, the trading volume of XRP is soaring with a 188% increase in the past 24 hours.

TRON is also at the peak of a three-year high with a more than 100% rise in price within 7 days. At the time of this writing, TRON’s price is at $0.13.  It has increased 1.27% in 24 hours.

Polkadot is a relatively new coin. It was made available for public trading in 2020. However, the coin has managed to rise from obscurity. It is now the fifth-largest currency according to market cap. Moreover, there has been a significant rise in DOT’s price in the current altcoin season.

Also Read: Meteoric Rise of Polkadot (DOT)

The increased utility and accumulation of digital assets by big organizations is causing the rise of markets. Last Month, Tesla allowed the purchase of electric cars using Bitcoin. Moreover, multiple financial services providers like VISA are now providing crypto-related services.

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