Some so-called influencers are confusing the public by saying that the alt season might not come or that the alt season is already over.
My Reply
Altcoin accumulation is ongoing, and very soon, altcoins will experience a parabolic move.
Because
1- Just like Bitcoin’s ETF was approved, Ethereum’s ETF has also been approved, yet Ethereum has not broken its 2021 all-time high. Ethereum is also a significant part of the alt market.
2- Big players like Binance, Coinbase, Animoca Brands, and other major VCs have invested in altcoins. If the alt season doesn’t come, what future would these big whales have?
3- What will be the future of blockchains like Base Chain and BSC Chain if the alt season doesn’t happen? How will they survive?
4- For big whales, altcoins are the only way to extract money from retail investors. It’s through altcoins that they loot retailers and increase their own wealth.
5- What will be the future of Binance and Coinbase? These two major exchanges are practically the foundation of crypto, and 60% of transactions are executed on these platforms. Their real profits do not come from fees but rather from altcoin manipulation, listing, delisting, and insider trading.
So, if the alt season doesn’t come, I believe it will be impossible for the crypto industry to survive.
Technically
In the current bull phase of 2024, BTC dominance reached as high as 61.50%, while today BTC dominance stands at 57%. This means that money has not yet flowed from BTC into altcoins. The upside moves seen in altcoins so far are just the beginning.
When BTC dominance drops below 50%, that will be the time to create an exit strategy for altcoins and start exiting your positions.
