For those of you that are getting discouraged by hodling heavy bags of alts, only to see them having a nice little pump, but then slammed right back down as soon as BTC takes a little dippy dip, read on!
Actually, there's an explication behind that and here is my theory.
Large cap, mostly quality Layer 1, have not move much compared to BTC, yet.
XRP, AVAX, ADA, DOT, MATIC, LTC, HBAR, ATOM, XMR, XLM, FTM, QNT, AAVE, ALGO are some of the quality/OG names that I can think of. Even the OG meme coin known as DOGE and SHIB didn't have a crazy/insanity pump compared to some of the other degen shitcoins out there.
The big narrative in 2024 has been around degen shitcoins, other than these degen memes, only a selected few have had a great pump:
-
ETH, mostly because of the ETFs hype along with PEPE, the shiny new toy;
-
BNB, only god knows why it reached new all time highs;
-
SOL, mostly because of the degen memes craziness, WIF, FLOKI, BONK, etc;
-
TON/NOT, the new kid on the block and more recently, the meme shitcoins on the Base layer, the new shiny tool of Coinbase, namely BRETT, BENJI, etc.
-
BCH, mostly because of BTC's halving event.
There are other outliers that I can think of:
-
LINK had a nice little run, mostly because of its strong fundamental narrative and ongoing development;
-
The new "Solana Killers", APT and SUI both had a nice run at the beginning of the year (almost at the same time, how a coincidence), but their nice pump since have been fade and they have yet to recover;
-
And finally, the new shiny ETH's Layer 2, OP and ARB also both had a nice run (right at time with APT and SUI), but then again, they have yet to recover.
From more than 20 000+ altcoins within the crypto market, that's not a lot and it's quite simple.
Most of the liquidity have been concentrated in BTC, ETH, memes degen shitcoins narrative and then the selected few coins/sectors that I've described above.
The true alts season, has seen in previous cycle, has not started yet. The liquidity to pump the majority of them beyond the sky is not there, yet.
For that to happen, here is what I think we need to spark this narrative:
- The official spot Ethereum ETF launch and the start of inflows from the big institutions;
- The presidential election of Trump, as he has been strategically positioning himself as the "crypto hero";
- Rate cuts from the SEC later on this year and the start of monetary policies easing from central banks around the World;
- The never ending increase of the US National debt.
I could be wrong, of course I could, I'm just a degen after all, but it's my theory from what I've analyzed so far.
So for now, keep accumulating quality coins (or degen shitcoins) and staking in your bags, as this will be one of the most epic alts season and wealth creation that we've ever witnessed!
Happy bagging degens! 🐶 🐸
No comments:
Post a Comment