The latest surge in altcoins led many holders to consider that, perhaps, it could be beginning of the long-awaited alt season.
This upward price movement also birthed a Twitter Poll, asking crypto enthusiasts to vote for the altcoin they think will be the first to hit a new All-Time-High (ATH) out of four of the biggest altcoins in the market – Ether (ETH), Binance Coin (BNB), XRP, and Litecoin (LTC).
Community Sentiment: BNB First To Reach New ATH
What probably made the poll even more interesting is the fact that Saunders asked voters to give the reason why they choose one over the others on the list with a $50 prize for the voter with the best reason.
— Alex Saunders (@AlexSaundersAU) September 19, 2019
Although there is still at least 12 hours left, there are more than 3,025 votes already recorded. 33% of the people think that BNB will be the first altcoin to reach a new ATH
One of the notable commenters is Changpeng Zhao, CEO at Binance. As one would expect, he picked his coin, noting that BNB has a “huge advantage” over the others on the list “due to the smallest market cap compared to the rest. Laws of physics, less energy needed to move the needle.”
Others who voted for BNB think that the significant continuous developments from Binance coupled with the fact that the platform is the leading crypto exchange in the industry would help take the coin to a new ATH before any of the other three. However, it doesn’t appear to be as easy as one might think.
Major Developments, Less Price Action
While significant developments of a project are one of the fundamental factors that should, in theory, help to increase the price of a coin, this doesn’t seem to be the case for BNB in the past few months.
It would be right to call the first half of 2019 “perfect” for Binance in terms of developments as many major announcements were made and we saw BNB racing to an all-time-high of almost $40 on June 22nd.
However, somehow things went south from there as the price of the BNB lost almost 50% of its ATH value, plummeting to $21, at the time of writing, despite the subsequent and continuous efforts and projects from Binance.
If the BNB will reach a new ATH first before ETH, XRP, and LTC, then the surge likely wouldn’t come from fundamentals.
A look at the historical charts of all four coins, though, reveals that Ether needs about 600% increase in its current price to reach a new ATH, XRP needs about 1300%, LTC needs about 400%, while BNB needs less than 100% to win the race.