When Bitcoin surged from $5,000 to $9,000, it was a Bitcoin-centric rally, taking Bitcoin market cap dominance from its long-time trading range just above 50% to 60%. It’s since fallen back to 56%, and I’m quite confident the next leg – which started this week – will involve ALL quality crytpos…and many junky ones, too. The reason being, that the historic rally that commenced this week – that I described yesterday as the BEGINNING OF THE DIGITAL AGE, is not specifically about Bitcoin, but CRYPTOCURENCY in general.
https://twitter.com/Andy_Hoffman_CG/status/1139692596605796357
- Andy_Hoffman_CG
Some call it “alt season” – but unlike previous alt seasons; like in Spring 2017, when Ethereum led a massive alt rally when Bitcoin was fighting the scaling debate; and early 2018, when new Wall Street crypto hedge funds bought up ALL altcoins, whilst the Mt Gox Trustee dumped Bitcoin; this rally will comprise ALL coins simultaneously.
In such a scenario, it’s all but impossible for Bitcoin dominance to rise, as tiny amounts of capital have dramatic impacts on smaller altcoins – yielding epic appreciation percentages, relative to Bitcoin.
The sector contains investors of all kinds, with countless reward/risk profiles. But overall, there will unquestionably be as many speculative investors seeking high beta altcoins as conservative investors seeking the relative safety of Bitcoin.
Ladies and Gentleman, start your engines, as Alt Season has begun!