While bitcoin (BTC) is doing well in the past period, the altcoins are slowly starting to hook up. Yet with the rising bitcoin dominance, they still seem to lag somewhat behind. Thomas Lee, well-known bitcoin bull, however, expects the new altcoin season to come.
There will be an alt season… https://t.co/lLJKKprbAv
— Thomas Lee (@fundstrat) June 26, 2019
It is not surprising that the altcoins do less while bitcoin is doing well. Traders often decide to sell their altcoins in order to benefit from a bitcoin rally. As soon as bitcoin consolidates or starts to fall, the altcoins often start to rise again.
A lot can be gained here, at least if we can believe the well-known crypto bull and billionaire Joh McAfee. In a recent tweet he writes that “the real money” can be earned with the altcoins:
Bitcoin is rising, but the real winners, soon, are the altcoins 10x + the Bitcoin rise. The best altcoins will be the altcoins that received the biggest blows during the bear market – Docademic, Apollo, XTZ, etc. This is where real money can be earned. Fill your bags of people.
Bitcoin cranking up, but the real winners, beginning soon, pwill be the alt coins 10x + the rise in Bitcoin. Top of the heap will be the ones most beaten down in the Bear Market – Docademic, Apollo, XTZ, etc. This is where the real money is to be made. Fill your bags folks. pic.twitter.com/Mgh8KVd4M2
— John McAfee (@officialmcafee) June 26, 2019
Many wonder if such a revival of the altcoins will be sustainable. In many cases the volume of these altcoins is low, so that such a rise might turn out to be a classic pump-and-dump.
The current situation on the cryptomarket does not signal the beginning of a new altcoin season. With bitcoin about 1.6% in the minus after tapping a new annual high, the altcoins are deep in the red.