Has The Altcoin Season Begun?
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I've been watching the markets all day and as of the last few hours it seems like there is a strong hint that perhaps the altcoin season could be here.
Bitcoins price is simply trading sideways and not really having any movement. Over the last 24 hours it has actually lost 1% while on the other hand altcoins seem to be pumping.
Ethereum is up 4.53%
Litecoin 13.36% (one of the biggest winners today most likely because halving is now just 36 days away.
BAT up 14.04%
Steem up 5%
Along with a large portion of others seeing at least a 3%- 5% higher within the last 24 hours.
This to me kind of looks like we might be moving towards an altcoin season and Bitcoin simply has reached it's peak for the moment. While bitcoin could still trade upwards it seems like most of the money is being filtered into altcoins and this makes sense.
On Bitcoin you might end up hitting a 3%-5% gain over the next week if you are lucky and time your selling right.
However in altcoin worlds within hours you most likely will see a net higher yield with a very small investment.
For example Steem only has a market cap of around 110 Million dollars. A single 1% from bitcoin could drive prices into the $1-$2 range. This is what happened during the last rally as money was being pumped into cryptocurrency.
What say you? Do you think this is the start of altcoin season before the major bitcoin push come August into the end of the year?
Remember 2020 has some massive plays that will be happening in crypto that are sure to fuel prices.
I think so! It sure looks like it.
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It's kind of looking that way so far. Bitcoins flat and nearly every alt is up
Still a ways to go as the recent rally had Bitcoin dominance breakthrough 60% by most measures! Need an altcoin rally to broaden and legitimize the asset class further!
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There have been some big pushes recently on some of the alts. Litecoin in particular which should be expected.
Well BTC is now 62% of the market and if we continue to see it rise people are going to start looking at alts as a tasty treat to get into im sure of that.