Altcoins are setting up to party like it's 2017!

in LeoFinance6 months ago

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Altcoins are going to explode in the coming months

Altcoin Season, or Altseason has become something of a myth in the last few years. Something everyone talks about and is pretty sure exists, but it's never actually seen.

We've seen a few starts and stops over the last couple years but nothing substantial and nothing even close to the magnitude of what we saw back in 2017.

We had a defi boom earlier this year but much of the traditional altcoins didn't participate in that rally.

For some context, bitcoin is now 20% above it's all time high, yet XRP (and many other altcoins) is/are 85% below its all time high.

However, that is likely about to change...

Altcoins set to party like it's 2017

Historically the party in altcoins hasn't really happened until after bitcoin made new highs and got into blue sky territory.

We are there now... check.

Also, November and December have historically been rather strong months for bitcoin returns, but altcoins haven't done very well during that time.

In fact, there is a trend pointing towards bitcoin's dominance tending to peak around December seasonally.

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(Source: https://www.tradingview.com/x/U3cfqjRM/)

Conversely, the first quarter and even spilling over into spring and early summer has been very good for altcoins, with bitcoin's dominance tending to bottom over this time.

When you combine both of these things, the fact that bitcoin is trading in blue sky territory with the fact that altcoins tend to perform well in Q1/Spring, and I think we have the right setup for a massive altseason incoming.

This time isn't different...

Some people like to claim that this time will be different since the gains in bitcoin are primarily coming via institutions instead of retail.

Sure the recent rally is being lead by institutions, but that doesn't mean altcoins won't eventually participate.

Just about every major rally in every major market sees retail take over at some point, retail tends to buy high and run the price higher.

Once bitcoin starts slowing down those retail buyers are going to move over to altcoins and run them as well.

It doesn't take much money moving out of bitcoin and into the altcoin markets to get them to absolutely moon.

Hope your bags are filled because I think we are going to see explosive price gains over the coming months!

Stay informed my friends.

-Doc

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I think we are getting close to the point where it can be overlooked any longer.

Bitcoin is pulling in a lot of attention but it will spread.

The fact is more users are coming in, overall, which drives more buyers.

2021 will be very interesting.

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Yep. I love looking at the BTC and Tether charts... both going up together means a lot of new money coming in instead of money just sloshing around from one asset to another.

Hope you are right. What are your bags filled with for this coming AltSeason?

Good question. BTC, LTC, ETH, HIVE, and a couple other smaller coins/tokens.

Given their PayPal integration (despite HIVE 🙃) this looks like a clever strategy. The smaller ones carry bigger risks but also higher chance for lifechanging gains. Interesting times ahead!

I am probably more risk adverse than some on here in terms of the coins I invest in, sounds funny saying considering crypto makes up a big chunk of my net worth. :)

Good see see HIVE on the list :)

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Off topic but, any idea if Leo mining rewards have changed or decreased recently?

I do not know. I haven't been following along as closely with that one lately though I do still hold close to 30k tokens. I did see it was down a decent amount today though?

No mining rewards today, and none 3 days ago.

This is so 2017, waking up and see your portfolio going up every single day

Wait till Spring and early Summer 2021, and then end of 2021... going to be crazy.

Oh yes, the bitcoin rally will continue in 2021 .

I'm waiting for it. When institutions buy bitcoin it puts more money into the hands of enthusiast's which they will use to back their favourite tokens. With the first pumps we will see more fomo and the stupid money piur in to chase gains while the long terms holders sell high and reinvest when the markets crash back down.

That is a very good point. When an institution buys a bitcoin, they have to buy it from somewhere. That somewhere is from someone already involved in crypto, be it an exchange, a miner, a hodler etc... and they in turn may the use that cash to buy something else in crypto.

I expect institutions and big money individuales to get involved in quality Alts too. One thing they don't tend to do is put all their eggs in one basket and I don't think their crypto exposure will be any different.

Some will, but like I have mentioned previously, there is a big difference between bitcoin and literally everything else. They are buying bitcoin due to its ability to work as a store of value. Many other coins have unlimited supply, and/or significantly less decentralization and security.

I'm just chasing money... but I concur.

I agree with you. I too think we will see some altcoins skyrocket over the next 6 months

Altcoin party be like
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Ha, very true! When will HIVE participate? Will it participate?

I'm ready to party :)

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Yep, same here.

we see us at the altcoin party. Champagne is ready to blob up