Chinese Crypto Crank, Has China Just Ignited Another Altseason?

This weekend has been one of the best in recent history in terms of crypto asset performance. Bitcoin’s epic rally to retouch five figures has given its brethren a boost but there appears to be a pattern emerging. Chinese crypto assets are leading the way resulting in speculation that the red dragon may have just ignited another altseason.

Chinese Crypto Bulls Awaken

Most altcoins have remained on the floor this year. A brief move in summer renewed hope that an altseason may be about to begin again but that was quashed when all gains evaporated over the past few months.

Only a tiny handful of altcoins have made serious progress this year, the majority are still over 80% down from their all-time highs.

As Bitcoin got a major boost late last week from the Chinese president, crypto asset markets increased by 25%, or over $50 billion in just a day or two. Many of those low lying altcoins started to surge and Chinese ones were leading the pack as the fomo builds.

Tron has been explosive over the past day with a 30% surge to reach $0.021 or 215 satoshis. Daily volume is almost $2 billion which has push market capitalization up to $1.9 billion. Chinese entrepreneur and project CEO Justin Sun has been a marketing machine and he didn’t miss the opportunity to post that TRX was now a top ten crypto asset again.

There has also been a lot of Tether printing recently for chain swaps to the TRC-20 standard which Poloniex, Huobi and Bitfinex are now supporting.

VeChain is another Chinese crypto project and it is no surprise that this token is also surging 30% at the moment. VET has spiked to 44 satoshis in under 24 hours as the fomo intensifies in the People’s Republic. Bytom, another Chinese dominated crypto platform, has pumped over 100% in 24 hours as BTM topped $0.18.

NEO is another solid performer as this ‘Chinese Ethereum’ has cranked 35% on the day. Late last…

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