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Altcoins

Tezos, Bitcoin Diamond, WAVES lead altcoins’ charge as Bitcoin’s dominance dips

Chayanika Deka

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Source: Unsplash

The collective crypto-market was recording a market cap of $305 billion, with Bitcoin holding a dominance of 61%, at press time. With the king coin consolidating above $10,000, many of the market’s undervalued altcoins have gained much-anticipated momentum, movement that has gone on to pull down Bitcoin’s dominance to an eight-month low.

Is the altcoin season in the offing?

Bitcoin Diamond

While this fork coin’s price action failed to post impressive rallies in 2019, this year has been bullish for BCD. Bitcoin Diamond rallied, along with the rest of the market, on 13 January, and it has since been in a consolidation phase. Over the last seven days, BCD rose by 56.33% from trading at a low of $0.625 to a high of $0.967.

The late-2017 hard fork of the king coin, BCD held a market cap of $176 million and was priced at $0.945, at press time. Additionally, Bitcoin Diamond registered a 24-hour trading volume of $10 million.

The cause of the impressive streak could be attributed to the latest bull run that drove Bitcoin above the crucial $10,000-mark for the second time this year.

Source: BCD/USD on TradingView

Tezos

Tezos has seen an exponential rise over its latest bull run, one that has propelled its price significantly. Over the last seven days, the altcoin rose by 68.74% from a low of $2.14 to $3.606. At press time, XTZ had a valuation of $3.43 and a market cap of $2.37 billion. The 24-hour trading volume of the coin stood at $185 million.

Besides, XTZ made its official entry to the prestigious top-10 rankings on CoinMarketCap’s platform. There have been numerous developments on its blockchain platform as well. Just recently, Texas-based travel firm Vertalo made Tezos its default blockchain and urged customers to switch over from Ethereum blockchain.

Following the announcement, Dave Hendricks, CEO of the Austin-based firm, stated,

“A real estate fund managed via a Tezos security token could simultaneously pay out a staking-based dividend next to an asset-secured dividend as is traditionally paid in investments like real estate investment trusts, an area that is a key focus for Vertalo and other security token platforms around the world,”

Source: XTZ/USD on TradingView

WAVES

WAVES has recorded consistent growth since the dawn of the year. On one hand, the WAVES blockchain was recently named as the third-best blockchain project leading by commits by a blockchain analytics firm, and on the other hand, its coin rose by 65.27% over the past week after trading at a low of $1.108.

Additionally, the coin changed hands at $1.63, at press time. While the market cap for WAVES stood at $164 million, the coin recorded a 24-hour trading volume of $157 million.

Source: WAVES/USD on TradingView

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.

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