Wealthy bitcoin investors will seek diversification
Some Altcoins Will Look Undervalued Amid Bitcoin Rising
Charts show altcoin season is just around the corner
International consortium of news organizations developing transparency standards.
With billions channeled into the crypto economy and wealthy bitcoin investors willing to diversify their holdings, altcoin season may soon be on. In fact, there may even be two of them..
History repeats itself
Cryptocurrency trader Kaleo tweeted a chart showing how the altcoin market capitalization is similar to March 2017. Then, at its peak, the market grew by $ 360 million to $ 800 billion. In other words, “the altcoin season is confirmed”.
Alt Season Confirmed. https://t.co/CmeQf0NdnM pic.twitter.com/3fl4UHLZaM
Altcoin Rally 2017 Exact Repeat in 2021!! | Altseason 2017 Explained & Altseason 2021 Prediction
– K A L E O (@CryptoKaleo) July 25, 2020
Another useful graph is the Bitcoin Dominance Index. It fell to about 61% yesterday, the lowest level since June last year. In mid-2017 and early 2018, altcoins began to rise after BTC’s dominance fell below 40%. At the moment, statistics are growing as people dump altcoins, preferring to buy bitcoin amid the surge.
Bitcoin dominance index promises start of altcoin season – Coinmarketcap
Many are still optimistic. Crypto Love Youtube Channel Predicts Not One, But Two Altcoin Seasons.
“I believe that bitcoin is almost exactly the same as the events of 2017. This is altcoin season, part I” – said Randall.
Altcoins like Chainlink and YFI have skyrocketed in recent weeks. This could indeed be a “mini” altcoin season, preceding a larger period. After all, altcoins jumped a lot in early 2017 before peaking in early 2018..
During that altcoin season, bitcoin plummeted from $ 20,000 to $ 10,000. Bitcoin dominance index dropped to 33%. If bitcoin continues to grow at the same rate, then if it falls, the situation may repeat.
Artificial intelligence versus
However, artificial intelligence seems to think otherwise. The programmers of the German portal Blockchaincenter.net have created a page with an index that helps determine the onset of the altcoin season. And what is the result? Definitely “no”.
Computer thinks this is not altcoin season – Blockchaincenter.net
Altcoin season is declared open when the algorithm reaches 75% in favor of the coins. After the recent rise in BTC, the index fell sharply. But hope remains because humans, unlike computers, suffer from wasted opportunity.
Altcoin index close to key mark – Blockchaincenter.net
A turning point
ALTSEASON IS COMING pic.twitter.com/XvyrJMaMAd
– 𝕁𝕁𝕔𝕪𝕔𝕝𝕖𝕤 (@JJcycles) July 25, 2020
Moreover, new developments in the cryptocurrency space give a chance for another season of altcoins. The total capitalization of the cryptocurrency market has grown by about $ 80 billion in a month, and this money needs to be directed somewhere. At the same time, the BTC dominance index is still at an unusually low level of 62.5%.
Altcoin season usually comes when wealthy bitcoin investors want to ramp up their profits. Once the value of bitcoin peaks, no matter when it happens, altcoin prices can jump.
At the same time, in the last two years, decentralized exchanges have begun to flourish. Cryptocurrencies continue to march across the planet, increasingly becoming a mainstream phenomenon and finding new areas of use. People buy bitcoin, … More. Transactions are made on dubious exchanges, reducing the reliability of your wallets. All this combined with the popularity of DeFi Decentralized finance (DeFi) is a financial service built on blockchain technology that offers users access to an open, efficient, and … More overall can drive the return of altcoins.
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