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October 1, 2023
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Altcoins Fear to Lose the Grip, Yet the Prospects of an AltSeason Continue to Flourish!

The post Altcoins Fear to Lose the Grip, Yet the Prospects of an AltSeason Continue to Flourish! appeared first on Coinpedia Fintech News

Altcoins have been largely following the star crypto, Bitcoin, as the money flow has always been from Bitcoin to altcoins and back to Bitcoin. In the middle of all these, some of the altcoins displayed acute strength and soared high, even if the BTC price maintained a choppy or descending trend. However, the altcoins are now feared to trigger a significant descending move, as many traders may soon be compelled to exit their positions on altcoins. 

In the SEC’s fresh allegations over the world’s popular crypto exchange, Binance, and its CEO, Changepang Zhao, it has listed numerous altcoins, which, in the SEC’s view, are securities. The agency has listed altcoins like BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, COTI, AMP, REP, UST, and TRX. This has further led to a huge drop in the majority of these altcoins. 

The SEC believes all these altcoins are securities and, hence, similar to XRP, and hence the outcome may also be similar. The exchanges may be further compelled to delist them, as they did with the XRP token. Further, the active traders may be forced to swap their altcoins with Bitcoin, which may further propel the BTC price high. 

On the other hand, the BTC dominance is also failing to slice through the major resistance, which continues to keep up the possibility of an AltSeason. 

The BTC dominance again faced rejection from the upper resistance of the parallel channel after attempting multiple times to breach through these levels. Therefore, the dominance may further plunge, which may trigger the AltSeason. However, the trading volume maintains decent levels across Binance and other exchanges, with no major withdrawals. Hence, a notable rise in altcoins may soon begin within the crypto space. 

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