Yesterday we witnessed altcoins pop like crazy being up double digit percentage points and people calling for altcoin season. Today most of those coins have given back a lot but not all the value they gained yesterday. I have an idea for why that might have happened.
Early this morning Bitcoin plummeted in value down to $17,600 only to quickly bounce back and run up to $18,700 today. Currently it’s given back half of that and is at $18,100. When Bitcoin initially stalled Friday the calls of altcoin season really began. With Bitcoins price action today though that idea had ice cold water thrown on it.
Even though I expect much shorter altcoin seasons and other do too I doubt they meant one day pops. Altcoin seasons I expect now to last a week maybe two at a time but to occur much more frequently next year. As Bitcoin becomes more and more expensive I expect this rapid cycling to increase in frequency.
Bitcoin though is still at a price that many people can justify buy and trading at. Once that $20,000 mental barrier though is broken I would expect many people to migrate to different altcoin projects. However until the price of Bitcoin breaks that barrier altcoins won’t come back into season and instead will just tag along. I doubt they will go down anymore from what they were the middle of last week because Bitcoins pressure on them is already maxed out.
