Altcoin will upset lovers. The global crisis is witnessing the 2017 altcoin season and seems to have delayed the dreams of those who are waiting for such a crazy season with appetite!
What are the signs that will hurt altcoin lovers?
Like most traditional commodities, crypto markets are going through a difficult process. The Corona epidemic, which started in a period when the BTC pushed the $ 10,000 threshold 80 days before the Bitcoin halving event, causes a devastating destruction in the crypto money markets that no one could have imagined.
While BTC, which fell from $ 9,000 to $ 4000 in a few days in the process, recovered a little later and reached $ 6,000, the risk of a deeper withdrawal in the short term continues to bother investors.
The threat posed by the outbreak also prevents investors from entering altcoins and taking additional risks. Because no one can predict exactly what will happen after 1 week.
However, since March 7, in about 3 weeks, the value of the crypto market has dropped from $ 264 billion to $ 175 billion, or about $ 89 billion. This reveals that people attach importance to cash rather than investment in the environment of chaos.
When we examine the altcoin index in FTX, we see a 56% drop in the altcoin market in the last 43 days. This is the biggest drop since 2017.
While some sections say that the Corona epidemic will cause people to flock to crypto money, financial analyst Koroush AK takes a very realistic approach to the event.
Most businesses and individuals have 1-2 months to survive with their existing capital. It seems that the threat of the virus has passed, but it will continue for a few months, not just a few weeks. While people struggle to pay bills and put food on their tables, they will not even think of buying, let alone Bitcoin.
Evaluation
I will create a metaphor for altcoin lovers and those who are waiting for the altcoin season so that everyone can more easily analyze where we are going and how we should take positions.
If you want, let's first try to reveal how the altcoin season could come, or how it came in 2017, with the metaphor we created. I will compare Bitcoin to Titanic.
With the momentum Bitcoin gained at the beginning of 2017, it attracted many investors. Many investors, such as people who had the same Titanic rumors and stuffed the ship about the same Titanic, had been intense demand for BTC by rumoring that Bitcoin would be 100,000 dollars and would rise steadily.
However, when we arrived in December 2017, Bitcoin hit the ice mountain and began to sink, and people began to flock to lifeboats (altcoins) with a life towel. In this way, an unprecedented population increase occurred in lifeboats and the altcoin bull season was experienced.
As for today, it seems that such a scenario is unlikely to occur any time soon. Because the volume of Bitcoin is very low due to the number of people riding on Titanic, that is, Bitcoin. In other words, there is no deposit that can shift from Bitcoin to altcoins. As long as this epidemic continues, this seems to continue like this. Because people want to meet their essential needs rather than investment…
Stay tuned for breaking news and stunning evaluations from the cryptocurrency industry. Stay home, stay healthy.
