Alts might not amplify Bitcoin gains in the upcoming cycle. Is this it for alts?
The cryptocurrency users have been eagerly waiting for the alt-season for weeks, however, they were left disappointed quite a few times. With Bitcoin’s price going through the volatility-induced ride, the alts have followed the leader in a similar trend. The last time alt season came to the crypto market was when Bitcoin registered an all-time-high, and since Bitcoin has been re-tracing its journey, many hope that the alt-season could be around the corner. But is it?
According to a Twitter user @woonomic, this time Bitcoin might see a sudden surge and the alts might note amplify Bitcoin’s gains. the user called it a hockey stick movement, where after being dormant for a while, Bitcoin might see a sudden surge.
“Bitcoin’s 4th cycle seems timely for this hockey stick moment. If true, then in this cycle most alts will not amplify BTC’s gains. Value will be sucked out, flowing into BTC and a small set of survivors. “
However, while drawing parallels with the previous bull run, the performance of altcoins has seen changes as the alts “are certainly not amplifying” BTC gains. The current speculation that is doing the rounds is that the BTC gains might no longer have an impact on the price of the alts, thus driving the alt season. Bitcoin is the oldest cryptocurrency and is undergoing a consolidation phase at the moment, and according to the user, this has caused many to jump ships and choose alts over the oldest crypto. With its hockey stick movement, Bitcoin is speculated to reach new highs but not alts might join the run.
When Social Media trend hit the market, many players vied for the throne, even as Twitter and Facebook came out as winners; similarly, Bitcoin could re-instate its dominance in the market again, making most alts go down the paths that Bebo/MySpace took.
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