Alt season is here? DeFi tokens taking on Bitcoin for crypto dominance
With dropping below the $12,000 level and pulling back to $11,400 in the last few days, altcoins also seem to have lost their momentum, even after their impressive gains since the start of 2020. However, some believe that “alt season” is alive and well and that cryptocurrencies still have room to grow, even after tokens like Chainlink and others have grown by more than 100%.
The rising price of the dollar may have been the major reason for the recent drop in Bitcoin’s (BTC) price, with safe-haven assets such as gold having dropped as well. However, many believe that a pullback for the dollar is likely, especially with the U.S. stock market being so overvalued. As such, it is possible that alt season will resume alongside Bitcoin regaining its momentum.
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