Is The Long Wait Over? Here Are Top 3 Reasons Why The Altseason Might Have Begun

in LeoFinance3 years ago (edited)

Only a few moments ago, the market capitalization of cryptocurrency surpassed $2 trillion for the first time in history. Interestingly, this great move was largely fuelled by explosive growth in the price of several altcoins. This clearly shows that the market sentiments towards altcoins are looking fantastic and some huge money has started flowing into them.

A cursory look at the altcoins in the top 200 will reveal that more than three-quarter of the digital assets in that category have grown by at least 300% in the Q1 of this year which, without bias, is a fantastic move when compared to the growth of Bitcoin within the same period. These epic market moves are raising the age-long question, has the long-awaited altseason finally here? This short article attempts to identify some important reasons why the altseason might have begun.

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1. A Crumbling Bitcoin Dominance

As I write, the Bitcoin dominance is sitting at 56%, which is the lowest that has been seen since April last year just before the Bitcoin halving event took place. Only a few days ago, the BTC dominance broke a crucial support line that went on to cause upward movements in the prices of several altcoins.

If the present trend is compared to the epic altseason that was seen in December and January 2017, then we can only say that this is the beginning of greater things to come. We might see the dominance collapse below 50% soon to give more room for altcoins to explode.

2. The Flow of Money Out Of Bitcoin

Arguably, Bitcoin has been trading sideways with less volatility in the past few weeks, giving BItcoiners reasons to turn attention to altcoins as the Bitcoin dominance suggests. As more money continues to flow into altcoins from Bitcoin, the former will continue to experience massive gains until it snowballs into an earthquaking altseason, although Bitcoin might reclaim its territory in between.

3. Massive Gains In Altcoins Across Board

In the past few weeks, altcoins have witnessed very massive gains that have left a number of people, including this writer, startled and stunned. Altcoins such as BTT went up by over 700% in a single month. TRX, KLV, BNB, Hive, THETA, RUNE, etc have made gains of over 300% in the last few weeks. In all fairness, these gains cannot be dismissed as mere coincidence. They are market moves that, in the opinion of this writer, point to the start of an altseason.

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Chasing ALT's is dangerous. Beware.

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Chasing ALT's is dangerous. Beware.

This got me really laughing. No doubt, you are right. But then you know that alts will bring the biggest gains, to those who scale through the danger. lol

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you are totally right. BTC dominance is in free fall the way I see it, the total altcoin market capitalization has breached its 2017 ATH less than two months ago and some altcoins haven't even reached their 2017 peaks. It really is about time to have a proper altcoin season. I'd say this run will last till like mid summer with a one month or so of cool off and than the fireworks with pops and bangs.

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Thanks for the additional insights in your comment. I hope that your predictions come true. Then, we can look back and realize how much patience and persistence have paid off.

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