What do you think? Is it alt season? Are we already there? Is the bull run on BTC coming to an end until the next four year cycle in 2025?
In case you don't know what that means, alt season refers to the bull run on old coins, or shitcoins. They are called shitcoins because they simply aren't the king, i.e. BTC. I don't think ETH falls into that category anymore. But the term alt coin still refers to anything that is not BTC.
Looking at the past, it appears that there are cycles where there is a bull run on BTC which dominates the market. And then at a certain point, this begins to shift as money is taken out of BTC and put into a the alt coin markets. This would be the shift from BTC the bull run, or the BTC season, and into the alt coin bull run, or the alt season.
Over the past few weeks we've certainly seen this play out with ETH dominance gaining. BTC dominance has been waning in terms of trade volume and the share of the market cap. ETH now seems like the king, as its steady rise has shown how popular it is.
But we also saw something else remarkable, DOGE. DOGE came out of nowhere to start to dominate the market caps. This was a result of Elon Musk hyping it up and all the normies out there following with the popular rich person is getting into. Oh look, Musk is into this thing called DOGE, and he's a superrich guy, I should get into that to. Maybe I can make a bunch of money like Musk is. Musk wouldn't be talking about it unless it was a really good thing. He wouldn't be investing in something that was garbage.
And so the story goes, DOGE rose to I think it was the top five in market cap, then fell down a bit, and recently went up to the top four, surpassing XRP and being just behind BNB.
It sure looks like the alt season is here, and here to stay. But who knows. Maybe BTC has some juice left to keep going on a bull run. But it doesn't look like it. The new bandwagon is on alt coins and people are jumping aboard.
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