Shiba Inu, Cardano, Ethereum: Is It Finally Time To Buy Altcoins?
Most crypto assets have been shedding value of late. Recent pessimistic developments like Silvergate’s shut down, have only deepened the market’s wounds further. On Thursday, the aggregate valuation of all the assets stood below the $1 trillion mark, at $995.17 billion to be precise. Bitcoin’s price has been hovering below the $22k threshold, while Ethereum tumbled below $1.6k. Unlike the top two’s 2% depreciation, other Alt coins from the market like Shiba Inu and Cardano have shed 3%-6% of their respective values over the past day. The mid-term landscape also seems to be similar. Blockchain Center‘s Altcoin Season Index pointed out that the market is currently no where close to its “Altcoin Season.” According to the thumb rule, if 75% of the top 50 coins outperform Bitcoin in a period of 90 days, it is considered to be an Altcoin season. The press time reading of 24 and the pendulum oscillating towards “Bitcoin Season,” ...