Several events confirm that traders have become more attentive to altcoins and react quickly to events that lead to an increase in alts capitalization.
Ethereum has consolidated in the $4330 – $4500 corridors but is still in the green zone. The rise of the leading altcoin comes in anticipation of the Arrow Glacier hard fork. This is a recurring hard fork that does not affect users, but increases the cost of mining and pushes back the difficulty bomb.
The difficulty bomb makes mining slower. The Ethereum team’s strategy is to delay the difficulty bomb until the transition to Ethereum 2.0. According to current estimates, this will not happen until the summer of 2022. The Arrow Glacier hard fork has been postponed from July 2021, and again postponed from December 8 to December 10. After this info appeared on December 6, ETH increased by 10% per day, from $3952 to $4357 according to Coinmarketcap.
It’s not just the leading altcoin that responds so well to fundamentals. Information that Eric Schmidt, the former CEO of Google, joined the Chainlink (LINK) team caused the coin to grow by more than 30%. Schmidt will be a strategic advisor at Chainlink Labs. Chainlink provides offline data for use in DeFi, NFT, and GameFi projects.
Schmidt’s experience in creating global networks can bring the project to the level of a leading player in the crypto industry. He himself sees the great potential of Chainlink when it comes to connecting blockchain to the world outside itself. Schmidt notes:
– Chainlink is a secret ingredient to unlocking the potential of smart contract platforms and revolutionizing business and society.
Finally, two altcoins at once rallied on the announcement of the BitTorrent mainnet launch on December 12th. BitTorrent is a famous data exchange protocol. After the purchase of the company by Justin Sun, TRON’s founder, in June 2018, the BTT token was launched on the TRON network and the development of its own BitTorrentChain (BTTC) started and it will be launched next week. The company says the blockchain is compatible with several leading networks at once, including TRON, Ethereum, and Binance Smart Chain (BSC).
Immediately after information about the upcoming network launch, the BTT token rose 78% from $0.0023 to a local high of $0.0041. At the same time, the TRON (TRX) token has grown by almost 18% from a local minimum of $0.079 to a local maximum of $0.093.