Ethereum, the second largest cryptocurrency by market capitalization, overcame the $ 200 barrier. Although the performance of the currency during the first month of 2020 left much to be desired, February began on a very good footing.
This is the first time since September 2019 that Ethereum manages to exceed the $ 200 threshold. After a few months in which its performance was not the best, that is beginning to see positive results in 2020 is a good omen for its users.
However, there were reasons to have doubts. It is important to remember that the price of Ethereum had fallen to $ 122. This was during a period of crisis within the encryption market. And although ETH was not the only digital currency that lost value (Bitcoin reached $ 6,600), it was one of those that was going through a worse time when the price drop occurred.
But this increase in the price of Ethereum was a relief for cryptocurrency users.
However, not only ETH is experiencing a large increase in its price. But the entire crypto market is presenting positive returns. The biggest winner of this price increase was Bitcoin Cash, with a 14% profit.
But Ethereum is not far behind. Recently, some analysts explained that ETH was starting February with better returns than those presented by Bitcoin, the leading cryptocurrency in the market.
And that’s not all. Other alternative currencies are also increasing: Tezos has risen 10%, Litecoin 8% and Dash 11%.
This good performance of Ethereum and other cryptocurrencies other than Bitcoin, is causing some analysts to consider that we are in the altcoins period.
This means that altcoins, or alternative currencies, are the ones that will have control of the market. Although many Bitcoin purists have ensured that the other digital currencies will never be compared to BTC, there is another group that totally believes otherwise.
For example, Mati Greenspan, analyst and founder of Quantum Economics, believes that the “altcoins season” has arrived. In fact, he assured that “It has been a high season in mid-January.”
In addition, he added that:
“One of the defining attributes of altseason is the random bombs in several currencies, deserved or not.”
In general, it may be too soon to ensure that we are in an “altcoins season”. However, what is quite clear is that Ethereum is improving its yields, which could predict a very good year for the digital currency.
I am a student of International Studies, interested in new technologies and their impact on the world. Faithful believer that tenacity is the basis of success.