For weeks now, the altcoin market has been unraveling, creating even more pessimism. After the unprecedented interest and buying sprees in December and January, most coins lost more than 65% of their value. Afterwards, the sharp price drop was followed by weeks of almost no movement.
But the latest series of pumps also happened suddenly, so another bout of price spikes is expected any moment. With the prices of almost all altcoins jumping overnight, and the market dominance of Bitcoin still falling toward 42%, there may be additional signs that interest in tokens and altcoins has not been lost.
This time, a new crop of coins may be seeing exceptional price movements. Some of the strong contenders include Verge (XVG), Ontology (ONT), TRON (TRX), as well as older ICO projects that are almost ready to release a product.
It was a rare day when all altcoins were in the green together, instead of having isolated recoveries. However, the trading volumes are yet to pick up to the record levels at the end of last year, and it is unknown if the current levels can support a large price climb.
The crypto community sees the signs of an altcoin recovery in sporadic pumps for relatively obscure coins, but also in some buying interest and accumulation of the more prominent digital assets.
At this point, any asset may pick up a rising trend, and ICO tokens are still somewhat questionable. Some believe the re-opening of Bittrex for new registrations may add to the market activity. Bittrex reopened briefly, but had to halt the process due to technical difficulties.
In the past three months, most altcoin activity was concentrated on Binance, which preserved the prices of some coins. Asian trading also helped keep up the pace, and Bitcoin remains hot in Japan, while USD trading has fallen to lower levels.
However, US investors have been interested in altcoins like Cardano (ADA), Stellar (XLM), and others, and additional buying opportunities may help boost the price levels. Some believe the US tax season ending after April 17 would be a suitable date for new buyers to return.