Popular trader Peter Brandt believes that Ether (ETH) showed a significant rise in her ETH-BTC pair on July 9th. According to the veteran trader, the rise could be a sign that a new season of altcoins could occur in the short term.
“Significant rise in the ETH-BTC with a target of .03276 BTC. Most altcoins should win at Bitcoin in the near future.”
The strong performance of the alternative crypt currencies in recent weeks coincides with a rise in Ether and the expectation that upcoming network upgrades will solve the scaling problems that plague the network during peak transaction phases.
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Cardano, Kyber Network, Compound, and Chainlink emerge while Ether climbs
In the last week, Cardano (ADA), Kyber Network (KNC), Compound (COMP), and Chainlink (LINK), four major altcoins, recorded substantial gains against the US dollar, Crypto Trader, and Ether.
All four crypto currencies had key network upgrades, product launches, or high-profile announcements that raised their values.
Cardano, for example, transferred a node containing all the changes from his Shelley update to the main network. On July 30, a hard bifurcation in the Cardano blockchain will complete the long-awaited Shelley update. This positions Cardano to rival Ethereum as a proof-of-stake (PoS) network.
The Kyber network has also been mobilized after the launch of Katalyst. In short, Katalyst allows users to stake out KNC to participate in KyberDAO and benefit from various incentives. In theory, it is similar to the staking mechanism of Ethereum 2.0.
The cryptomarket research company, Santiment, said
“KNC’s top 100 non-commercial addresses have increased since Katalyst, and it appears that the top 10 general holders have increased their ownership of the total supply from 48.6% 48 hours ago, to 52.2% (more than half) of the total supply at the close of the market today.”