Its alt season and that means nearly every passing day a new altcoin is taking center stage and providing investors with wild returns. Over the last several weeks, the story has been focused on the unstoppable altcoin Chainlink. But now, things have turned toward another decentralized oracle solution, called Band protocol.
Band has pumped since the start of July by well over 300% and is still soaring. What’s behind the crypto asset’s spectacular single-month surge?
Band Practice: Was Chainlink Just Clearing The Way For a New Oracle Protocol?
Altcoins everywhere are booming. Bitcoin dominance falling from recent highs has left room for the alternative crypto assets to finally regain some lost ground against the king of crypto.
When altcoin season does arrive, assets often go on hundreds to thousand percent rallies leaving Bitcoin in their dust. And that’s exactly what’s happening left and right across the crypto market right now.
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In the last month alone, several altcoins have gone on a few hundred percent rallies. Chainlink tops the list with the most highly publicized bull run, with the asset up over 70% this month and over 300% year-to-date.
Buzz has followed the decentralized oracle protocol throughout its existence, keeping its bullish momentum high. The altcoin was even honored by the World Economic Forum recently for its powerful, transformative data technology.
But as analysts fear profit-taking and retracement is near, another decentralized oracle solution has suddenly started surging.
BANDUSDT Weekly | Source: TradingView
BANDUSDT Weekly | Source: In It For The Tech: Decentralized Oracles Reward Savvy Crypto Investors
Now, it is Band protocol‘s turn to steal Chainlink’s thunder. The asset is up on both the BANDUSD and BANDBTC trading pairs well over 300% and still climbing.
But what’s causing such a powerful run in an altcoin that’s relatively new? Why aren’t investors shifting profits from Chainlink into other top crypto assets like Ethereum or Tezos?
BANDBTC Weekly | Source: TradingView
It is possible, that the same investors fueling the Chainlink rally are also behind the boost to Band. Both crypto altcoins underpin a protocol focused on decentralized oracles, and Band could easily be the next big thing if the technology is really what’s behind the long-term growth of Chainlink.
Related Reading | Small Cap Altcoins Have Outperformed Bitcoin By 5x in 2020
Chainlink is currently ranked number 10 by market cap, inching closer to just under $3 billion in value. Band protocol, however, is ranked 84 and has a meager market cap of under $100 million. Sharp-eyed investors likely see this as a sound investment in an altcoin with plenty of room to grow, focused on a technology that clearly has hype behind it.
Given Chainlink’s performance and the fact that these investors are sitting so pretty in profit, throwing some spare capital into Band may be a no brainer. It may turn out to be a stroke of brilliance if Band offers similar returns has Chainlink has. And that’s exactly what investors who are actually “in it for the tech” are hoping for.
