Isn’t It Altcoin Season Yet?
In the cryptocurrency world, there’s the coin that rules them all — Bitcoin. And then there are the alternative coins, or what we call “altcoins.”
Out of all the altcoins in the market, ETH reigns supreme. It’s no wonder that its value is currently over $2,000 USDT.
Before we get into what the altcoin season is all about, let’s get to know the terms we will be using in this article.
Definition of terms
- BTC—stands for Bitcoin. It is a virtual or digital currency that uses decentralized, peer-to-peer technology to process/validate payment transactions.
- Altcoin—is a portmanteau of alternative and coin. Refers to any other cryptocurrency that’s not Bitcoin (BTC).
- Blockchain—a specific type of database.
- Ethereum—according to Investopedia, Ethereum is an open-source, blockchain-based, decentralized software platform used for its own cryptocurrency, Ether. It enables smart contracts and distributed applications (DApps) to be built and run without any downtime, fraud, control, or interference from a third party.
- ETH—stands for Ether. Ether (ETH) is the native asset in the Ethereum blockchain and is often referred to as a coin.
- Token—used to denominate a kind of sub-asset in a blockchain.
- ERC-20—one of the most significant Ethereum tokens. It is a smart contract that has an internal ledger that says which address owns how many tokens. It provides a list of rules that all Ethereum-based tokens must follow and is the standard used in token implementation.
- Gas fee —you could say this is a transaction fee. Gas fees are paid in ETH. Gas prices are denoted in Gwei, which itself is a denomination of ETH - each Gwei is equal to 0.000000001 ETH (10-9 ETH).
What is the altcoin season?
As the name suggests, altcoin season refers to the season when traders take their profit from BTC to invest in other cryptocurrencies. This results to a sudden price surge against BTC and the US dollar.
So what’s the buzz all about?
Since BTC is already traded at a high price, and due to the high gas fees, many traders move into other options to maximize their profit. As in stock trading, traders constantly look for undervalued coins/tokens to invest in before anyone else.
Of course, I’m not saying that high-value cryptocurrencies are out. If you pay attention to the news, you’ll notice many public figures and notable firms joining in the Bitcoin and ETH craze. However, with the increasing number of projects with working technology, strong fundamentals, and great communities, I can see why many have made the switch… or at least have diversified their portfolio.
Any ERC-20 tokens are you currently looking at?
Although not a focus of mine due to the high gas fees (depending on the platform, there are workarounds if you do it right), I still find myself patronizing a few ERC-20 tokens like USDT (stable coin), PUNDIX, SnapBots, DSLA, BTT, etc.
Some defi projects offer staking. However, some of them are not easy for newbies to follow (which can be costly. I know, I’ve tried!)
Some platforms like SnapBots offer effortless staking. If you put in a huge amount while waiting for the price to go up, you’d earn more than enough to cover the fees. Actually, it doesn’t have to be a huge amount. If your goal is to let your money sleep, then SnapBots is a good place to consider. Of course, there are risks. I mean, where can you find legitimate risk-free trading?
How to stake?
You can stake in four easy steps!
3. Apply for staking. You can refer to the steps on their FAQ.
4. Check the daily performance from your Snap wallet.
Currently, Snap Wallet supports major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), and SNAP.
Who knows? Maybe if we’re wise, diligent, and lucky enough, just like the pioneers, we’ll hit the gold mine and soar to the moon in no time. ☺
Relatively new crypto-enthusiast | Exploring the world of altcoins, blockchains, and trading | SnapBots affiliate | Not a financial advisor | Follow me on Twitter: @crypton15610517
SnapBots is a group of AI trading bots. SnapBots offers a staking cryptocurrency program to users. In this program, users can choose between three strategies to auto-trade based on their risk aptitude.
Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment, or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies.