Reading more news about ETH breaking Ath, and when Chainlink, Uniswap and aave also broke their ath over the weekend many are wondering if the crypto world can be heading into an "alt season"?
The Bitcoin price has had a really volatile week, but it now seems to have stabilize at a level around $33k.
Meanwhile when Bitcoin had it's stagnation no less than four of the world's 20 largest cryptocurrencies have broken their ath.
Ethereum
The first of these is Ethereum. The world's second largest cryptocurrency reached a ath of $1,476 overnight. That is $56 higher than the previous record, which was set last week.
Chainlink
From $0.5 to over $25 in one year and it reached a price of just over $25.7.
Since last night's record, the chainlink price has fallen by just over a dollar. The cryptocurrency is currently trading at around $24.7.
Uniswap
Uniswap, a cryptocurrency in the so-called defi segment, was one of last year's most hyped projects. Now it has also reach a new ath.
The new record is $12,9, but has since then slightly fallen.
aave
Another defi-coin, aave, has also reached a new record price. On Sunday night, the cryptocurrency noted a price level of about $289.
Hive
Hive has also have a bump in price the last week with a 8% incease and the price now is touching the $0.15 mark again
Nothing is set in stone
There is nothing that explicity say that a alt-season should happen when Bitcoin price stagnets.
In short, an "alt season" is a belief that a sharp rise in the bitcoin price is followed by a "season" when other cryptocurrencies are strong. That is why there is an expectation that altcoins will go strong now, because Bitcoin increased so much in price during the autumn and beginning of the year.
Whether this logic really goes together, or if it mostly becomes a self-fulfilling prophecy because people hope that cryptocurrencies like Ethereum and Chainlink will go up, is impossible to say. But we can at least state that it is far from a natural law that altcoins go up after Bitcoin has done so. In general, the trend has historically been rather the opposite and therefore people should maybe be careful.
I hope that there will be an inflow to other good crypto projects when people want to diversify and "take home" some of the gains, but I'm always cautious when people yell alt-season is here.
DYOR and don't just blidly follow the heard.