The mythical Altseason may soon finally be upon us
Just about every investor reading this probably cares more about altseason than they do about bitcoin going crazy these past several weeks.
The reason being, if you are reading this you likely are holding a few stacks of altcoins, possibly larger than your bitcoin holdings.
Well, making a quick glance at Bittrex today and it looks like we could have the early makings of our next altseason.
First, we have bitcoin going mostly sideways, with some of the recent momentum fading:
(Source: https://bittrex.com/Market/Index?MarketName=USD-BTC)
What we are seeing currently is the lowest amount of volatility bitcoin has seen within the last week.
Which is exactly what you want to see in terms of an altseason. Often when bitcoin starts to "calm down" after big moves up, altcoins come out to play.
Altcoins are starting to make an appearance...
As I mentioned above, bitcoin calming down as of late has given rise to some altcoins seeing some very positive price action.
Just glancing on the left side of my Bittrex account, it looks like this:
(Source: https://bittrex.com/Market/Index?MarketName=USD-BTC)
Yes that is just the "A"s, but if you scroll down that list it looks pretty much like all the way down the altcoin list.
This positive price action is coming after altcoins have been pummeled these last several weeks, so even with the double digit gains we are seeing right now, many coins aren't even close to where they were just a month ago.
Something that has been extremely depressing for many crypto investors out there watching bitcoin go higher every single day while their portfolio goes down every single day.
Bitcoin first and then the altcoins...
There is an old saying in crypto that goes something like this"
"Bitcoin first, and then the Altcoins"
It means that often bitcoin runs up first, bringing new money into the ecosystem, and then eventually some of that money starts to flow out into altcoins pulling them up as well.
This is more or less what we saw back in 2017 when altcoins significantly outperformed the massive run that bitcoin had.
Bitcoin went up 10-20x while many altcoins went up 40-50x.
We haven't really see that start to happen yet, but perhaps we are starting to see the very early green shoots of that right now.
It's also possible that we may have to wait until bitcoin makes new highs and new retail money really starts to flow in before we see a full fledged altseason.
Given that we are likely to see bitcoin go ahead and make new highs in the coming days and weeks, we just have to make sure our favorite altcoin eventually goes along for the ride as well.
Any ideas how we can make sure that happens?
Stay informed my friends.
-Doc
Posted Using LeoFinance Beta
Hi Doc yes you may well be correct, the alts are pumping now, as BTC trades sideways. XRP up massively, as the centralized bankers' coin. Hive will pump with more advertising, since it has an excellent blockchain platform, on par with Ethereum for example. And the social media concept here on which we post, is brilliant and a world leader in this emerging concept of paid creative content.
Yes, HIVE needs to get things setup and then market the heck out of it.
Bitcoin price run up first and then, altcoins price also used to increase
by following BTC.
If HIVE price will also up like that, it will be great.
Posted Using LeoFinance Beta
Yes it would, not much yet for ol HIVE.
What are your favorite alts for the coming season?
Good question. The ones in the top 20 or so seem to be trading very well thus far. On the whole I don't own many altcoins. I suspect there will be a rotation from the top altcoins doing well to the laggards, eventually doing well as well. Hopefully that rotation ends up including HIVE.