Crypto enthusiasts are awaiting altseason - a period that typically follows a surge in Bitcoin's value. They hope to earn on alcoins, which skyrocket in price then. They often grow faster than Bitcoin, the dominance of which in market capitalization begins to decline - a key hallmark of altseason.
Also, this period features frantic activity in the crypto market. It’s a busy time for traders who can significantly boost their earnings. However, this activity attracts inexperienced participants at the same time. They hope to make quick money. While some of them may get lucky, many others end up losing their investments in the whirlwind of speculation.
Purely mathematically, many are doomed to failure. If you explore the Pump.fun platform, which launches new tokens, you’ll understand why. Since the start of the year, over 3 million new meme coins have already been launched. Launching a token has become very simple: one should make just a few clicks for that. It is not surprising that most of them later end up in the “coin graveyard”. According to the findings, 76% of memecoins promoted by influencers are just dead for different reasons.
Altcoins have negative returns due to rather modest capital inflows. Therefore, so much hope was laid on crypto funds and ETF assets. Still, not everything is so gloomy, especially with Trump coming to power. The significant growth of the crypto market is expected; optimism remains alive in the crypto space.
If in 2022 the dominance of bitcoins in the crypto market was 40%, the figure has already reached 60%. Though it has become more challenging to achieve massive returns (the much-desired "X's"), the crypto market still holds untapped opportunities for the savvy and patient investor.
#Altseason #CryptoTrends2024 #Bitcoin #AltCoinSeason #MemeWatch2024
