The post Altcoin Season Is Here, But Most Coins Are Doomed : Warns CryptoQuant Analyst appeared first on Coinpedia Fintech News
“This altcoin season will not be what you expected,” says Ki Young Ju, a renowned crypto analyst. It sounds pessimistic, doesn’t it? Considering the optimistic nature of the current cryptocurrency market scenario, there seems to be no reason for the analyst to express a pessimistic view. Yet, the analyst sticks to his ‘not-so-welcoming’ view. Should altcoin enthusiasts be worried?
A New Kind of Altcoin Season
One thing that everyone agrees on right now is that the crypto market is going to witness an altcoin season soon. The thing that triggers disagreement is: will all the altcoins benefit from this season? Many, like Ki Young Ju, hold the depressing opinion that only a select few altcoins will benefit from this alt season.
Bitcoin’s Separation From Altcoins
Until recently, the correlation between bitcoin and altcoin was strong. To prove that the Bitcoin market no longer shares this tight connection with the rest of the crypto market, the prime argument that Young Ju puts forth is the one highlighting the creation of its own paper-based Layer 2 ecosystem by Bitcoin using ETFs, funds, and similar tools.
Breaking the Altcoin-Bitcoin Correlation
The general belief is that altcoins move together with bitcoin. In the scenario of a weaker correlation, the belief is simply irrelevant. Anyway, the best thing about this new trend of altcoins breaking this correlation is that a few altcoins are showing the capacity to exhibit independent trends. The crypto expert also acknowledges this new trend in the altcoin market.
In the last 30 days, XRP has surged by 423%, Dogecoin by 174.6%, Cardano by 272.9%, Avalanche by 115.2%, Stellar by 485.6%, Chainlink by 128.9%, Polkadot by 158.7%, Hedera by 689.4%, Pepe by 143.9%, and Cronos by 182.45.
Survival Strategies for Altcoins
There is a way out of this trap for the altcoin market. Young Ju presents two options: Either develop paper-wrapped products, like Bitcoin ETFs or build a real internet money system using stablecoins or Bitcoin. The funniest part is that both these options look equally tough.
Anyway, there is no option. The altcoin market has to make a choice.
FAQs
Ki Young Ju predicts a selective altcoin season where only a few altcoins will benefit, not the entire market.
Altcoins like XRP, Dogecoin, Cardano, and Hedera have recently surged by impressive percentages, showing strong growth in the last 30 days.