The total crypto market capitalization is sitting at a bit over $2.6 trillion and Ethereum has claimed $4,000 this weekend. Will it hold? Nobody knows for sure... Is this the market's peak? Nobody knows for sure, but I'm 100% sure it's not. We're definitely in a bull market and during such times almost anything goes up.
Whether having any use case or not, cough DOGE and ETC, all sort of cryptos have had their pumps. The percentage growth is relative for each and one of them, but most of the crypto investors are fine, to say the least right now. LTC has managed to smash its 2017 peak and its new ATH is of around $400.
Who would have thought of that? It was supposed that only the ones screaming of fundamentals will perform this bull market. Looks like it's not really the case as HIVE for example is not doing that great. I guess we need more apps, right...
Bitcoin is ranging, accumulating, or however you want to call its latest performance and to my humble opinion it's natural to behave as such. It was the fire starter back in 2020 and it kept on climbing and climbing and climbing, for most of the time at the detriment of alts. There have been occasional alt pumps on the way, but not too many managed to hold the pace with BTC.
The dominance has fallen from around 60% to as low as 41% recently. My take is that it will continue to fall to a level pretty similar to 2017(33%) but that doesn't mean the price has to fall drastically and leave room for alts to grow. There's this narrative that many are falling for, according to which in order for alts to grow BTC needs to loose value.
That's probably typical bear market behavior, but bull markets are about growth and new flow of capital into the market, thus I am expecting to have an "everything season" this year, which will probably occur this late spring till summer. Bitcoin has somehow confirmed the world that it has value and everybody is expecting it to get past $100,000.
Hence it will probably won't fall below $50,000 anytime soon. It doesn't even make sense to go below that level, if this affirmation makes any sense. Altcoins, most of them have just entered price discovery mode and looking at DOGE and ETH from the most famous ones and how these ones have behaved lately, we should expect that to happen all across the board. I still believe this bull market won't be any different from the 2017 one.
Hence every shitcoin with or without any use case in this world will pump. There are high chances that not all of them will do that in the same day. I doubt that that has happened in 2017 either. What I am expecting and probably you guys as well is a pump all over the market. A time when somehow the bull market is confirmed across the whole spectrum of coins and new money starts pouring on each and one of them.
This would be an everything season. It happened in June-July 2017 when almost anything pumped in this particular time frame, due to new flows of capital, and my take is that it will happen once again. From then on BTC will probably steal the show once again and will rally towards its peak, sometimes by the end of the year, we will have an afterwards altcoin season shaken by a blow off phase and bye bye bull market.
There's probably half a year left until the peak, but that's how I see it. I believe that we haven't seen the horns power of this bull in full blown mode, but we're not early stages in the bull market either. DCA should be the best strategy for taking profits imo and that's what I'm planning for 2021. They're all gonna pump and there will be a time, not too far from now, when they'll do that concomitantly.
Thanks for attention,