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Tuesday, May 30, 2023

Is the Alt Season Back?

Over the period of many years the crypto market has been the subject of high volatility. People have made fortunes in the market and have also lost everything here. A two edge sword it is. The market, from a socially point of view, has been divided into different zones and phases or should I call seasons. Over many years Bitcoin has stayed dominant and always held the upper hand on the whole market. The fall and rise of this single coin somehow determines the whole outcomes and decides which season it is.

Crash and Reversal of Market

A few months back the market crashed and dropped the price of Bitcoin down to a bottom of $30k. It rallied again but again came down to touch $29k. From this point, the overall market has been bullish till date. During this whole scenario i.e. the drop of Bitcoin, the alt coins also suffered. An ideal case would of the coins where they have no relation with the movement of Bitcoin (technically there is no relation, but the sentiments and retailers seem to get and lose confidence with the movement of BTC and hence these coins get coupled with the price of BTC.

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Now the market has shown strength. After getting rejected from strong zones such as $37.3, $45k, $48k, and $52k the price of Bitcoin finally broke above all these levels and is moving upwards. Now here comes the deciding point. People are very much optimistic that this might be the start of the next bull run and that we would be able to seen exponential moves in the prices of altcoins but why do they think that?

BTC Dominance

At the moment the dominance of btc.d has shown strength and continuously growing more. A common misconception that might confuse the new traders is that “when BTC moves up, everything moves up, when BTC moves down, everything goes down”. This is true as long as the dominance doesn’t show drastic changes, but everything changes when btc.d starts to mess things up. Now the dominance is rising and hence the altcoins are bleeding. At this point, it can be expected Btc to retrace a bit and might drop down to early 50ks. Saying this the altcoins are going to be in red for some time and show downside. BUT when BTC  starts to consolidate, we would be seeing btc.d lower which means an enormous amount of money in the altcoins which can most probably give us exponential results.

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