Altcoin News

What Are Altcoins?

Bitcoin was publicly launched in 2009. It is agreed that BTC was the first official blockchain-based digital currency. An Altcoin simply refers to any digital cryptographic currency other than Bitcoin. Ethereum is seen as the chief of all altcoins, having the second largest ecosystem and combined market share next to BTC.

BTC Dominance Versus Altcoin Dominance

The variance between BTC and Altcoins has been a metric which many have kept a close eye on when engaged in trading and investing within the volatile cryptocurrency market. At the beginning of May and June subsequently, BTC dominance increased in its BTC:Altcoin ratio.

Typically this, especially when coupled together with increased Stablecoin market capitalization, is a sign that money is leaving the market, which it did. But for both BTC and Altcoins, July did just the opposite. Altcoin dominance rose against a decrease in BTC dominance, and BTC prices rose along with the total Altcoin market capitalization. Ethereum led the charge as the most popularly traded altcoin, with a 55% rise in July alone. ETH was able to break through a resistance of $1,700, and currently, after a retracement, sits just above $1,630 per coin. Some believe this may be a sign that the bottom has been reached, or is at least near for the cryptocurrency market, although there is no way of knowing for sure.

Other Relevant Altcoin News

Positive Altcoin news came from several major cryptocurrency ecosystems in the month of July. Significant growth was found in many of the digital economies which have maintained a focus to develop their offerings during the season of uncertainty in crypto and the combined collective financial markets. Solana (SOL) was one such ecosystem which grew by about 33% from the 1st to the 30th of the month. Avalanche (AVAX) also rose from a price around $16 to a high of around $25 in the month of July, registering a positive growth of around 50% for the popular blockchain network. Other cryptos such as Cardano (ADA) also experienced some growth during July, a tremendous confidence boost to the crypto and Altcoin ecosystems.

Strives Made By Shiba Inu

In other Altcoin news, Shiba Inu was also amongst one of the talked about altcoins in the month of July. The altcoin, classified as a meme coin officially, broke through and charted notable growth in July after releasing its Visa burn card. The $SHIB Visa card has a feature which facilitates $SHIB token burns, a measure used by Shiba Inu as a primary ecosystem function.

$SHIB token was also listed on additional globally recognized CEX’s. While $SHIB is down around 85% from an all-time high in October of 2021, the popular ecosystem maintains hope, as the burn mechanism acts as an automated function which drives scarcity, and increases token value.