The price of Ethereum (ETH) today broke past $200 per coin—the highest the coin’s price has been since September 2019.
Ethereum’s price had dropped as low as $122 per coin as recently as mid-December, during the doldrums of the crypto market. (At the time, Bitcoin similarly dropped to around $6,600 per coin—losing $7 billion in total market cap within a matter of hours.)
Ethereum is $200.
Nice.$ETH
— The Wolf Of All Streets (@scottmelker) February 5, 2020
But it isn’t just Ethereum currently experiencing a big boost in its price. The entire crypto market today surged by around $10 billion, with Bitcoin fork Bitcoin Cash (BCH) leading the way with nearly 14 percent gains.
Other altcoins are also surging: Tezos is up 10 percent, Litecoin’s price has increased by 8 percent, and Dash is now trading at $123 per coin—an 11 percent gain in the last 24 hours.
It begs the question: Is altcoin season here?
“Heck yeah,” said market analyst and Quantum Economics founder Mati Greenspan in a newsletter to his subscribers. “It’s been altseason [since] mid-January.”
“One of the defining attributes of altseason are the random pumps on various coins, whether deserved or not,” he said. On the other hand, Bitcoin, said Greenspan, is currently underperforming.
All that is to say that we could be in for a massive bull run if Greenspan’s reading of the crypto tea leaves is accurate. Fingers crossed, hodlers!