I am not one for click bait titles but alas I do need the clicks. Na, I am just kidding but this is exactly what I have been reading in the news recently. Everyone seems to suggest that we will see one of the largest growth in altcoins in the coming months. Poor Bitcoin seems to be lagging behind in terms of growth and public/institutional interest. I can understand that. The price chart seems to suggest that as well and I kind of agree that we will see huge growth in altcoins very soon as well. However do not count Bitcoin out just yet. I always say that Bitcoin is the most important stat that traders and investors look at when they are thinking of buying or selling cryptocurrencies We all cannot deny this fact. If Bitcoin falls hard, it will carry the rest of the crypto market with it. And if it pumps, the market will pump with it.
With that said, yes I believe altcoin season is coming very soon! For those who don’t know what an altcoin is, well it is basically a cryptocurrency that is not Bitcoin. Perhaps the use of the word “alt” in altcoin is wrong but that is what all these cryptocurrencies are currently termed as. So…. We have seen altcoins like Solana rallying since September despite what is happening to Bitcoin. And looks like it is not stopping anytime soon. It has even surpass its all time high! The numbers are just mind boggling. How about Avalanche? The price keeps going up and up. I don’t think it will stop either. What about LUNA? The general sentiment very bullish about these coins. And there are still plenty of altcoins which I have not covered yet. Nothing is suggesting that the altcoin season is going to be over anytime soon either. But I am guessing that might just be the issue with altcoins – just so many of them out there! Everyday we hear of a new project or some blockchain that got funded by someone with a few million dollars and the price will then pump because of it. Most of these altcoins do not yet have a mature ecosystem. Yes I agree that the cryptosphere is still very young and there are lots of growth that can occur, even in the next few decades. But I think the ecosystem is also very saturated and dare I say – confusing. Furthermore there are just so many scams and hacks in the cryptosphere. I read them on the news nearly everyday. There seem to be are way less scams or hacks involving Bitcoin than those for altcoins.
Yes there are also some very attractive looking “old” altcoins like Litecoin which are also attracting some interest from investors. However for me I think they are something too similar to Bitcoin and usually don’t serve much use except as a store of value. So what is the point of investing in something like Litecoin if Bitcoin is available? And I would rather invest in Cardano or Ethereum or Polkadot as these are blockchains that have more real-use cases. Can’t wait to see what the Cardano ecosystem is going to develop into. I have been eyeing Cardano for quite sometime and I think they will definitely do well. Yes sure looks like ADA (native token for Cardano) did not really pump that much after smart contracts were implemented but I am guessing there were some market manipulation going on.
Anyway it is a very exciting time for altcoins. Plenty of projects are launching and this should get more people excited and interested in the cryptomarket. And this is a good thing. No longer will the cryptosphere be thought of as “free internet money” right? And yes I am no financial advisor. You should always do your own research as it is your own money when it comes to investing.