Alt season typically occurs when altcoins outperform Bitcoin and the Dollar. This cryptocurrency market cycle happens when many altcoins go up quickly in price all at once only to return to a more dormant state relatively quickly. You may be asking yourself what is an altcoin? Altcoins are cryptocurrencies that were developed after Bitcoin. Most altcoins position themselves with different use cases and better improvements to that of Bitcoin. One of the most successful altcoins is Ethereum. Ethereum positions itself as programmable money. I like to think of Ethereum as your EZ Pass or Highway Pass for your car to navigate the Ethereum highways. In order to use the Ethereum highways, you must load up your EZ Pass with ETH to participate in its ecosystem. There are many on and off-ramps to this highway system, and each time you are getting on or off the Ethereum highway there are fees associated with that. When there is a large demand for these ramps the fees will fluctuate. The fees paid when using the Ethereum ecosystem are known as “gas fees”. One of Ethereum's biggest use cases has been in the development of decentralized finance also known as Defi.
Today in 2020 there are more than 5,000 altcoins currently in circulation in the market, and it is very important to learn and educate yourself about many aspects of a coin before ever investing. You must understand that you could lose your entire investment at the drop of a hat when investing in altcoins. It is very easy to get wrapped up in the emotions of large gains or moon boying FOMO because of the low price of many altcoins. Each altcoin has a different use case and we suggest researching the team behind the development of projects so you know who is behind it and what their motivation is for building. Coinmarketcap.com and coingecko.com are great places to find consolidated information and stats about altcoins. Always verify the information and especially if you are getting that information from social media.
Will there be an altcoin that ever takes over Bitcoin dominance? Leave your opinions in the comments!
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