- As cryptocurrencies surge, experts push for the adoption of more altcoins.
- Ethereum Classic and Litecoin prices have reached record highs in May.
- More investors are in search of altcoins as get-rich-quick schemes.
- $370 for Litecoin: too high or just getting started?
Altcoins, alternatives to Bitcoin, have seen their fair share of success in the crypto space. The recent bullish trend in the market has seen the prices of altcoins, both small and large, going up in recent weeks. This year, the total market capitalization of altcoins soared over $1 trillion, bringing the total market capitalization of cryptocurrencies to over $2 trillion, with Bitcoin still the king of the market.
Litecoin And Ethereum Classic Break Price Records
The second quarter came with lots of blessings for altcoins as Litecoin, a coin touted as a competitor of Bitcoin at its inception, traded at $370 on May 7, having risen from $271 at the start of the month.
Ethereum Classic (ETC), the coin sibling of the more popular Ether (ETH), has also soared in recent weeks. It hit an all-time high of $177 this month and looks set to surge more than ever before. Experts suggest that this is “altcoin season,” and they are right.
Not only have Litecoin and Ethereum Classic soared, but Dogecoin has also been amongst the biggest gainers as its price rose by more than 400% and increased again following Elon Musk’s appearance on Saturday Night Live. Dogecoin has risen by a record-breaking 26,000% in the last six months. It must be altcoin season as even the “funny dog” is shooting through the roof.
The Ethereum blockchain has the largest network, with over 3,000 decentralized applications and solutions. The blockchain helps all its tokens as they are all steadily increasing. Ether crossed the $3,000 mark and in no time surged to $3,500, with experts and investors setting their sights on $4,000. Within a few days, its sister currency, Ethereum Classic, rose more than 350% from an initial $38.67 at the start of the month.
In the past few years, Ethereum Classic has witnessed some challenges due to security breaches on its network and a sharp decline in active daily users compared to ETH. The boom of ETH due to its recent upgrade to 2.0 and historical sentiment for Ethereum Classic has led to ETC’s sudden surge. ETC maintains the original Ethereum blockchain, and this has sentimental value for many cryptocurrency traders.
While ETC continues to rise because of its asset sibling ETH, Litecoin has soared for a number of reasons, foremost among them the recent surge in the market from Bitcoin to altcoins.
On the Flipside
- Coins like Ethereum Classic may not surge further as there is little room for growth when pitted against Ethereum.
- This thinking comes from the fact that, more than ever, coins are challenging Ethereum.
- Ethereum Classic was created in 2016 after a hard fork resulting from a contentious dispute on the Ethereum blockchain.
- Some of the challengers, the so-called Ethereum killers like EOS, Polkadot, Cardano, Solana, and even Ethereum Classic, offer more than Ethereum.
The Future For Altcoins
Altcoins are just getting started as increasing numbers of investors prefer them to Bitcoin due to the short-term profit these coins came to make. Within months, altcoins can make over 25,000% profit, as we’ve seen with Dogecoin.
This year has been termed altcoin season, and there’s no slowing down on the trend as it has already risen to new highs. On its current good run, Litecoin may surge up to $1,000 and then $1,500. While that might seem incredible to some, it could just happen this year.