Bitcoin had been unusually stable for the past month, sticking mostly around 57-59k. For an asset notorious for its high volatility, this seemed almost more newsworthy than the recent surge. The question now is, with the silence being broken, are we set for a new bull run?
The king of Crypto appears to be back after a bit of a royal nap Image source: King Bitcoin: The First of His Name
An unusually stable month for Bitcoin
I must say that having gone a month and a half now and seen my conservative stock portfolio outperform my Bitcoin stack felt weird. I suppose that's what half a year of Bitcoin setting new ATHs every single week does to one's expectations and dopamine responsiveness. So seeing Bitcoin break its previous ATH, and thus being back again in the financial newspapers, felt like a new surge of energy.
At least HIVE had made up for its recent slumber in what has so far been a decent alt season!
Bitcoin dominance at its lowest in two years
But while Bitcoin has been stable, alts have been soaring including our beloved #Hive, as well as BNB and others. In fact, the last time Bitcoin's dominance was this low was exactly one year ago.
The last time Bitcoin's dominance was this low was on the 15. April 2019, as seen here on a screenshot captured from Trading View
Historically speaking, it's tempting to believe that we're only halfway or 1/3rd into the alt season. Whenever a new megatrend has arrived and dominated the narratives for how blockchains and crypto can cause disruptive innovation, which DeFi and NFTs have like ICOs before them, it has resulted in alt seasons that have pushed alts towards the territory where people speculate about a potential "flippening". And we're still a long way from there.
So where is the crypto market heading next? I see many people stating that the current market reminds them of early 2018, and that it is thus time for a correction. I disagree. It reminds me more of early 2017, when ICOs were first getting the world's attention (similar to NFTs and DeFi today) and Bitcoin first reached $2000. Was this the beginning of a peak? Sure. But there were still ~9 months left to go before that corrections happened. I don't think we're close to the peak of this bull run yet. The laggards are still not dipping their toes in the DeFi and NFT waters. They will. But haven't yet.
Or what's your opinion? What period in crypto does the current state remind you of the most?
Let me know in the comments!
Fredrik