This Altcoin Season Will Be Significantly Larger Than 2017
As Bitcoin stagnates, altcoins are entering their traditional bull cycle, making them one of the most promising assets on the market today. The bullish sentiment of analysts significantly outweighed the bearish and if the market continues to follow historical patterns, then this year we may witness one of the largest bullruns in altcoins. Weiss Crypto Ratings, a cryptocurrency and stock valuation platform, is bullish.
Weiss believes that it is Ethereum that is driving the market into a bullish uptrend. Altcoin season usually precedes an exponential movement in market demand. Then investors quickly enter panic mode, trying to secure their assets and accumulate profits from alternative assets. This usually leads to an outflow of funds from BTC to ETH and over time, many other altcoins benefit from such a funds outflow.
The possibility of such a scenario reoccurring is rather high and the market can still follow in this pattern. Although there is still a significant difference between today’s market and the 2017 market, as Weiss believes. The current altcoin season looks like it could be much larger than the one observed in 2017. If the traditional altcoin cycle is confirmed, then we are just starting with the movement of ETH.
To measure the length of the altcoin season, the following Weiss approach comes in handy: during the first quarter of this year, there was a transfer of cash from fiat to bitcoin, and the next step, in which funds will move from bitcoin towards assets with large caps. Which is evident in the current market movement.
Bitcoin is currently struggling to maintain its exchange rate above the $50,000 point, and its dominance rate hovers around 50% for the first time since 2018. In the near future, significant growth in altcoins other than Ethereum can be expected.
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