Binance has cleared all the hurdles and opened up its portal to United States (US) citizens signaling altcoin revival. While U.S. ties with Binance are showing signs of improvement, and it could mean big developments for the altcoins.
With the U.S. market opening up to Binance, most of the cryptocurrency is in green showing substantial increase against BTC and USD. This is great news for Binance customers ever since trading was halted a few months ago after regulations issues with authorities surfaced. So, does this mean that the long wait is over and altcoins are ready to shine again?
Price increase across the range suggests altcoin revival
With U.S. operations of Binance starting, things are looking great for the altcoins. A few months ago, when the platform ran into trouble with the U.S. authorities over regulation and compliance issues, the crypto community faced serious trouble.
Binance’s response has been pretty muted until they announced a specialized trading platform for its U.S. customers. The move was seen as highly positive since it reiterated the brand’s commitment to its local clients and mitigated the bad press.
On September 18th, Binance begins the registration process for US clients. Naturally, there are incentives to attract new customers. Users don’t have to pay a trading fee until November 1st. However, some states are not excluded from the launch such as New York, Washington and Texas. Still, the globe’s largest crypto trading exchange has given a potent platform to its customers and covered its tracks fast.
Altcoin revival on the way?
Altcoins are coming back, and they are coming back with a bang! At least that’s what the latest developments suggest. Prominent cryptocurrencies have turned positive. Many have made a startling double-digit increase in anticipation of this event. Today, Ripple, Ethereum and BNB have shown stellar performances with a marked increase in value and volume.
That being said, the revival of altcoin season depends on a lot of other factors. The big jump in prices doesn’t mean long term growth at this point. The most important factor is the dominance of Bitcoin, which currently stands at sixty-seven and a half percent (67.6%) market share. That’s a huge figure, but it represents a weekly decline of 2 percent – meaning altcoins are gaining traction.
Another positive is that Bitcoin is trading negative against altcoins – a phenomenon that we haven’t witnessed in months. It may be early to call it a sustainable altcoin revival, but things are looking positive. Altcoins surely have made decent progress to spark the traders’ interest.