Many blockchain data suggest that major crypto investors are getting ready for the altcoin bull season. This buildup is expected to signal huge gains for other alternative coins to Bitcoin (BTC).
Experts in blockchain tech have seen various signs that point to potential interest in altcoins. Sentiment, a blockchain data analyst, reports that the biggest BTC wallets have greatly reduced their holdings in the past few months of 2024. There’s also a dramatic decline in BTC transactions exceeding $100,000.
This suggests that investors are now shunning the crypto king. On the other hand, wallets with 10,000 Ethereum (ETH) or more have added roughly 22 million ETH to their holdings. Following a similar pattern, major Ripple (XRP) wallets with 10 million units or more have also added 3.17 billion XRP to their holdings which shook industries including crypto casino games.
Many believe that a change in the crypto trend will happen soon based on major investor investment changes. BTC has been the king of crypto for months, but signs show altcoin season is about to kick up again.
Another signal of the impending rebound for ETH vs BTC is the fact that both coins are attempting to break through the resistance of a multi-year downward trend. Many investors are setting their sights on ETH in the upcoming months following the release of the first spot exchange-traded fund (ETF) in both Hong Kong and the US.
What Makes Altcoins A Good Investment?
The main reason altcoins are a good investment is that they offer more variety and investment opportunities compared to BTC. Different altcoins have different features, uses, and growth potential.
Some altcoins, including Tether (USDT), address or solve problems that BTC is facing, which increases their appeal. Altcoins like XRP are also cheaper to invest in than BTC. This leads to big investments if the altcoin increases in value.
UK Bank To Ban Crypto Transactions
Kroo, a digital bank in London, has stated that it will stop letting its customers use crypto for transactions. One of the reasons that influenced their decision was the rising number of crypto-related frauds.
As per the bank’s terms and conditions, your Kroo account will be restricted if you use it to buy or trade coins or get credits to your account from crypto trading or transactions. Kroo also reserves the right to freeze accounts if they suspect it of using crypto.
‘From 30 May 2024, we will no longer support bank transfers or card transactions associated with cryptocurrencies’, the bank wrote. Kroo is an emerging banking firm aiming to take on more established banks in the marketplace. With its decision to ban crypto, Kroo has followed the steps of other banks, including Chase UK and Starling Bank.
How Can Crypto Surpass Challenges In The Future?
Crypto and blockchain tech need to address issues and challenges for the industry to continue to grow and surpass mainstream adoption. Here are some of the key areas where progress could help crypto surpass current challenges:
● Speed → Improving transaction speeds of blockchain networks is crucial for widespread adoption for payments and other uses. The faster crypto transactions are, the more appealing they can be.
● Security and custody → Enhancing the security of crypto wallets and exchanges to prevent hacks and theft will build trust with mainstream users. Regulated and insured custodial solutions also ease concerns about self-custody.
● User experience → Making crypto interfaces and experiences more intuitive and user-friendly, especially for non-technical users, will drive broader adoption. This includes improved on-ramps and better developer tools.
● Investors → Onboarding major investors like insurance companies provides greater liquidity and stability to the crypto market. The more well-known crypto investors there are, the greater the appeal crypto will have to the public, forcing banks to adopt it.
Crypto is a relatively new market, and through continuous innovations and developments, it has the potential to gain widespread adoption. With trends like crypto casino games rising, it’s only a matter of time before crypto transforms the financial space.