Is THIS the start of Altcoin Season?

by birtanpublished on September 23, 2020

Is it all season right now let's talk about the current cycle that is happening with Bitcoin and cryptocurrencies that you absolutely need to be aware of we talked about it the other day and it is absolutely coming true at this present point in

Time so we definitely need to hit that home and a variety of points surrounding that what's going on everybody it's your boy crypto Bobby I hope you are having a great day great night wherever you're watching or listening in from thanks for

Taking the time to join on the channel today so as we're looking at coin 360 dot-com we can see right now that Bitcoin is slightly in the red it's down less than a percent from where it was in the past 24 hours but everything else is

In the green and it has been a fantastic day if you positioned yourself in altcoins recently and I mean very recently if it's really over 48 hours or so you're probably still down quite a bit but I

Want to talk about what is happening right now with basically everything but Bitcoin and Bitcoin itself because it is the most important thing in my mind to keep an eye on as you consider looking at

These cryptocurrency market so the other day we had talked about the Bitcoin total market capitalization dominance and we saw that Bitcoin was at 60% just touched 60% on May Monday May 13th about sixty point five percent was the high

And it has since come down to about 57 percent why is that notable why is 60% matter at all why is this something that I'm keeping an eye on in general well again as we talked about the last time that Bitcoin hit 60% market

Capitalization dominance was in December of 2017 when Bitcoin went up to $20,000 and during Bitcoin subsequent fall from $20,000 back down to the low teens you saw altcoins run up massively in Bitcoin lost market dominance going from

65% or so all the way down to at its lowest about 32% now I'm not saying that that is absolutely going to happen but looking at what has happened previously when we've seen Bitcoin run up so heavily and all of the alts get

Depleted there typically has been an altcoin rally and again shout out to Kris Pearn iski for talking about this and calling this and putting himself out there even though I think it's something that a lot of people in the industry

Believe even if they don't necessarily want to admit it and he repeated that today on the 15th this morning actually saying the alt half of the cycle is loud and clear today but getting back to what he said initially in case you missed the

Previous episode or you know you just want a recent summary of it so what typically happens with these market cycles in the cryptocurrency space well Bitcoin is whatever you think about it I don't care if you're a 1/8 head a member

Of XRP army whatever it is bitcoin leads the market it will continue to lead the market for the time being for the foreseeable future unless something drastically changes Bitcoin leads the market and that means when there is a

Substantial fall Bitcoin most of the time is the one leading the market and all coins will fall harder and when you see a market run-up typically what happens is that Bitcoin is leading the market on the way up so summarizing

Crispr Nueske's take he says here's the cycle Bitcoin rallies hard and the majority of alts drop as Bitcoin is the main liquidity provider encrypter right now nobody's selling their Bitcoin so the value of alts in those BTC terms is

Dropping until the whales choose to cycle into alts then at that point in time once the quote-unquote whales cycle from Bitcoin they've made their profits in Bitcoin they move their profits in Bitcoin they take a Bitcoin and they buy

Altcoins with their Bitcoin the value of Bitcoin it drops slightly and the value of altcoins goes up substantially because in many cases the order books on even some of the large cap cryptocurrencies on places like by Nance

And other exchanges are so thin you can move the market substantially with very little capital so the altcoins rally harder than Bitcoin did because they are higher risk gaining a bit in Bitcoin terms so you know in the past few days

We've seen Bitcoin rally there percent is it unrealistic to think that some of these altcoins can rally 30 40 50 60 percent I don't think it is because of the way the market typically structures and then the important thing

At the end is what chris says as well at the end of this cycle the wells cash out of their alts or more Bitcoin than they started in with so they make BTC notice he says that they cash out the L of the all coins that is an important

Distinction here the quote unquote Wales or the smart money in the cryptocurrency space are not just gonna hold these all coins forever they are going to cash out once they make profit in Bitcoin go back into Bitcoin as their safe haven asset

And as the asset that they're measuring profit against so one of the interesting things I think in relation to all this is while bitcoin was running from the kind of range it was in wobba Qin was running you saw altcoins

Absolutely getting destroyed as Chris talked about as a lot of you know folks indicated would happen altcoins were getting absolutely decimated in Bitcoin value however that was also coinciding around the time with the by Nance hack

So you had by Nance get hacked and what did by Nance do they disabled deposits and withdrawals meaning that nobody could deposit money in or out of finance if you had your money on by Nance you could trade you could trade your

Altcoins you could trade Bitcoin you could trade but you couldn't deposit or withdraw in and out and this morning after a lengthy system upgrade is what buy Nance is calling it after a rather lengthy system upgrade process finance

Has re-enabled deposits so why does that matter well you're seeing it and you've seen it the second those deposits were re-enabled is that many of the altcoins that got smoked against Bitcoin in the past few

Days have bounced at least around 10% or so which has been kind of interesting to watch why is that interesting because if you had Bitcoin outside of by Nance and you saw all these altcoins on by Nance that we're getting smoked you couldn't

Actually do anything if you wanted to unless you Bitcoin on the exchange now people can deposit their Bitcoin or whatever other cryptocurrency into the exchange and trade for those auch ones which is

Likely what is part of the kind of issue driving the slight altcoin resurgence that we're having right now and as Bitcoin and as cryptocurrency as a whole kind of continues to move up I do think it's important to think about what it

Means as the market moves up because many of you I'm sure have been around for the 2017 bubble I'm sure many of you if you were around early enough you made or on paper or worth a lot of money or a lot more money than you are worth a year

Later or so and one of the common things I think people like to talk about is no I've already been through the the crypto bubble this time I'm actually gonna take profit many people didn't take profit that was an issue you had an all coin

Bag maybe you're all coin bag pulled a 10x of 20 acts of 30 X but you were emotionally attached to that cryptocurrency you're emotionally attached to whatever was Bitcoin aetherium Cardno

X RP whatever you were emotionally attached to it you held that all the way down and either retraced all of your gains or maybe even lost money on the way down after pulling a multiple X on the way up so it is important to

Remember as we start to see crypto move in a positive direction this was actually fantastic advice from Panama crypto and he said things I wish I knew the last all season I'm not saying that this is 100% alts season but he says

Take profits on the way up always leave a moon bag choose quality over quantity of projects don't chase green candles if you achieve a life-changing amount of profits realized gains and run very good advice don't be greedy and Hottel only

Works on the way up and I think a lot of that is kind of similar advice but it just comes down to the fact that now if you are making outrageous sums of money if you are starting to see like really really solid life-changing amounts of

Profits because your bags have you know just skyrocketed it is important to think about taking profits because especially for a lot of these altcoins if they are moving substantially they will retrace it's not

A matter of if it's usually a matter of when yes there are certain crypto currencies that have had crazy insane moves in the past and have sustained those moves like a Bitcoin like in aetherium even like some of the other

Ones but for the most part the crypto market moves in cycles and it pumps hard and it dumps even harder so it's always important to stay away from that as we're starting to see some of these altcoin gains now what am i keeping an

Eye on moving forward well number one is the price of Bitcoin I think that that is something that you absolutely regardless of what bag you're holding if you are a Bitcoin Maximus obviously it's always good to check in the price once

In a while but if you are somebody that is 100% in altcoins I think that it is important to understand what's happening with Bitcoin because if Bitcoin stays in a relatively I want to say tight range because it's it's been pretty it's been

Pretty volatile in in a positive way in the past few weeks but if Bitcoin stays in a relatively tight range and allows for altcoins to do their thing then I think that it's going to lead to a continued run for all care all coins for

A little bit of time at least however if we see something where Bitcoin just dives off the face of the earth five 10% something like that for some random reason who knows it's crypto anything can happen but if we see Bitcoin dropped

5% 10% relative we could relatively quickly I don't think that for the most part all coins would be moving in a positive direction despite of that fact I think we need to be staying in this tight range for Bitcoin for altcoins to

Continue to move I'm also keeping an eye on the market cap dominance again I don't think it is the end-all be-all metric by any stretch especially when you are in a like raging bull market and people point to the market

Capitalization dominance as a reason that bitcoin is dying I don't think you could look at that as a reason that Bitcoin is ever no losing favor becoming less popular I think that's a terrible metric but if you're looking to see

Allocation of Bitcoin versus altcoins I do think it can be somewhat positive and the fact that we just saw Bitcoin essentially get rejected at the 60% mark of market capitalization dominance and moved down

A few percent I think it is worth noting and worth seeing both times that happened in 20 in late 2017 you saw Bitcoin go from a 61% down to a 50% and a little bit of an altcoin run and then he saw the market cap dominance

Go from 65% all the way down to 32% with a very very strong quote-unquote altcoin season either way I remain slightly positive as far as a heavier allocation to the beloved term coins and as a final note so this was hilarious

And and said I'm sure some of you have have lost money or your money is locked up on crypto Pia I would take a beer and pour it out for it because I don't think you're gonna see it either for quite some time or ever again but there was

Literally a pop up on crypto Pia yesterday that said don't panic and it had some pretty graphics that were animated and doing all types of cute things and then 12 hours later you have a press release from Grant Thornton

Which is an accounting firm based in the US but apparently also in New Zealand but they are liquidating crypto Pia so when you liquidate those assets they go in a you know tiered fashion to basically the people that have ownership

Over them you're probably at the bottom of the rung and I wouldn't be too positive about it but the one point here is number one centralized exchanges continue to get hacked and continue to have issues always important to keep

Your own keys and hold your own crypto currency wherever you possibly can and in addition to that any time an exchange says don't panic panic panic panic panic panic panic it's that's you know that's that's the least calming thing that

Anybody's ever heard is you know somebody in exchange saying don't panic as there's literally fire and smoke coming out of the windows so something to keep in mind as you maybe deal with more crypto currency exchange in

The future outside of that I hope you enjoyed this video in podcast if you did on YouTube make sure to hit that thumbs up button that like button ton of other awesome content coming for you this week krypter bobby sign it out peace

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