It seems that altcoins are finally getting their moment as Binance has deployed its trading platform for US-based citizens. All large and mid-cap cryptocurrencies are in the green and a lot of them are marking substantial double-digit growth against both the USD and Bitcoin. With these developments coming up, the question is if the long-awaited altcoin season is finally here?
Binance US Starts, Altcoins Pump
A few months ago Binance had to halt trading for US-based traders on their main platform because of compliance and regulatory challenges. In turn, however, they promised to launch Binance US – a solution tailored to mitigate the negative consequences for American traders. And so they did.
According to the official announcement, Binance US launches its registration process today, September 18th.
As part of the incentives provided for the newly registered users, Binance US will provide zero trading fees until November 1st this year. The announcement also reads that it will be rolled out to most of the states but there are several ones that are excluded, including Texas, Washington, and New York.
In any case, the fact that the world’s leading cryptocurrency exchange won’t shut the door for US-based traders and has already deployed its solution for that seems to have had an impact on the market.
Altcoins are showing serious signs of revival as all large- and mid-cap cryptocurrencies are in the green. A lot of them are also marking substantial double-digit increases, as seen on the graphic below.
Ethereum, Ripple, BNB, and Stellar are amongst the biggest winners in today’s trading session so far.
Is The Altcoin Season Finally Here?
When determining whether or not there’s an altcoin season, there are a few things that we have to examine.
First and foremost, of course, is the positive increase in the prices of different altcoins. As we can see right now, that checks out.
Second, we need to take a look at Bitcoin’s dominance. This is the index that tracks Bitcoin’s relative share in the entire market cap. At the time of this writing, it stands at 67.6%. While relatively high, it marks a decrease of around 2 percent in the past week. This signifies that altcoins are starting to gain more grounds.
Moreover, we can also see that a lot of the altcoins are actually trading positive against Bitcoin, which is something that we haven’t seen for a long time.
While it’s early to determine whether or not we’ve entered a new altcoin season, it surely seems like altcoins are starting to wake up. It’s interesting to see how much will this last.