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