Altcoins
Altcoins Prepare for ‘Smallest Altseason’, Analyst Releases His ‘Top Picks’
In the cryptocurrency space, everyone is eagerly waiting for a major altcoin breakthrough. However, we often feel like we are waiting forever with nothing happening. Generally, the best time to buy is when prices are at or above the bull market support band. Currently, according to the analyst of ‘The Fomo Factory’ the market is showing promising signs.
The analyst noted that if a major altcoin season occurs, it would likely be the smallest yet, which makes sense. In previous cycles, fewer altcoins were available, but the market is now flooded with meme coins, new Solana coins, and many IDOs. This proliferation dilutes potential gains, making it harder to see the massive returns of past cycles.
Investors should look for durable coins, such as Bitcoin and Ethereum, and major tier one coins, like Solana and BNB. These are considered safer choices. However, even in categories like games, there are many low-quality projects, so caution is advised.
Bitcoin dominance is on the rise, indicating a Bitcoin-driven market rather than an altcoin season. However, according to the historical model, an alt season could occur around eight months after the last Bitcoin halving, which would take place towards the end of the year.
The analyst talked about evaluating altcoins based on their performance against Bitcoin rather than the dollar. He pointed out that while altcoins are not at their lowest levels, they are still far from their highs, and many are not performing well in Bitcoin pairs.
He advised looking at specific altcoins that have shown significant gains during periods of collective market rise. For example, during a 70% market rally over Bitcoin, altcoins like Cify and ChainGPT surged 430% and 490%, respectively. This indicates that launch pads could be very successful
He gave examples of well-performing stocks, such as Solana, which rose 520% against Bitcoin from June to December, and Superverse, which also saw significant gains. These examples suggest that focusing on certain narratives, like gaming ecosystems, could be beneficial.