I was out most of the day today, and checked the crypto market a few times during those hours spent outside, but I did noticed at some point something weird on the BTC price... over $31,000 in valuation. When I opened twitter it was basically a flood of tweets regarding the event.
It is indeed an event. It's probably less than two weeks since BTC has crossed pass $20,000 and it's already at $31,000. That's something indeed. I am starting to think now, how much will it take BTC to get to $50,000 if it keeps on climbing at this pace...
I guess not much and I also feel like there's a correction ahead, quite close to where we are. I know, it's bull market and the overall trend is up, but at some time profits are going to be taken off the table, just to buy back at a discount, and Bitcoin will take a breath until continuing its ascension.
That's when probably an altcoin season will occur. At least that's how I think it will happen. ETH has pretty much kept the pace with BTC but it's just one in a few altcoins that are managing to do so while most of them are in a coma. Moreover, not even ETH has yet reached its previous ATHs. Still about a 2x from here... Easily manageable imo when altcoin season begins.
From what I've noticed over the past two years, ETH usually gives the start for altcoin seasons and it's somehow natural to happen this way as it is the second most valuable crypto out there and the first altcoin of all of them. Sometimes exceptions occur though and I'm thinking of DOGE right now.
Whether you believe it or not, Dogecoin has managed to trigger rallies in crypto in the past and it seems that it has pretty much done it today as well. When I checked the 24h charts for BTC and DOGE I noticed that the latest rally for DOGE begun at around 9 PM(my local time), January 1st, whereas BTC started running towards breaking $30,000 at about 13:30(my local time), January 2nd.
About 17 hours gap between the two. Has DOGE really driven this upward movement in crypto? Probably... Checking ETH, it seems that its rally started at about the same time with BTC. DOGE was first... and I've noticed that right when it happened. I don't own any DOGE, but I'm happy about it. It's the living proof of a shitcoin still managing to make splashes in the world of Bitcoin.
I've said it before and will say it again, I believe this bull market will not be lead by fundamentals. Not yet... The crypto market is a few halving cycles away from being lead purely by fundamentals and Dogecoin's pumps, especially this recent one, are living proof. So, if you are holding some shitcoins that aren't performing yet, don't worry, they will. We haven't seen FOMO yet.
For the moment my altcoins are not performing spectacular, although CRO is doing pretty well, but seeing DOGE and ETH performing great and knowing they're the leaders of the pack, I have no doubt they will. My gut feeling also tells me that in about a week or so BTC will start its correction and the time of alts will come. What a great 2021 so far.
Thanks for attention,
Adrian
Initially Posted Using LeoFinance Beta
