Altcoin season seems to be closer than we expected. By the looks of it, the Bitcoin rally seems to be over for now. On the other hand, we can see significant surges in price happening for altcoins. Bitcoin dominance is currently at 46.24% As of October 27 according to CoinMarketCap.
Secret and Shiba Inu Celebrate the Altcoin Season
Secret
The altcoin project ironically named Secret (SCRT) has had a 97% rally in only one week. A staggering growth considering the state of the market in the past week. Data provided by CoinMarketCap. As of now, SCRT is on the 94th spot in the ranks with a market cap of $1,175,009,075.
As one might assume, the project is focused on secrecy and providing privacy for DApps and Smart Contracts.
The Blockchain platform is a Proof of Stake that Utilizes Cosmos SDK and Tendermint consensus algorithm. Speaking of Cosmos, it is currently approximately 9% up in one day and 16.4% in one week.
The price surge for the SCRT began with the launch of the first series of anonymous NFTs on the secret network. A success that owes itself to the partnership with NFT platform OpenSea.
Shiba Inu
Well, turns out Shiba Inu wasn’t done making headlines. Following the fluctuations of the past few days, the Shiba network introduced the Shiboshi Social Club. It is an exclusive club for Shiboshi NFT owners that has rewards and perks for all members.
Learn all about Shiba Inu Coin.
It was quite a strategic move for the network to keep the party going and the wheels turning at the same time. Generally speaking, making headlines and staying on the news has been causing rallies for SHIB.
Subsequently, SHIB is now priced at $0.00005784 with 37% growth in only 24 hours and 107% in one week. Data provided by CoinMarketCap.
Brace Yourselves, Altcoin Season is Coming (Probably)
As Bitcoin is consolidating just below the ATH, the 45% dominance is good enough for an upcoming altseason. Speaking from experience, memecoin rallies have seldom been indicators of an upcoming altcoin season. Furthermore, we can see large institutional investments suddenly flow into DeFi platforms. As of now, price surges are occurring in a diverse group of altcoins regardless of their identity and function. Considering all the elements, it is very probable for an altseason to be just around the corner.
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