BTC continues to fade against the altcoins. It feels like poor old BTC has been under siege for some time. The first wave was the layer 1 protocols which inflicted some damage on BTC dominance, and more recently the gaming tokens have stepped up to deal BTC a few lessons on what a pump looks like. It's not only the gaming tokens though. There have been random pumps from all over the place. DEFI saw AAVE and 1Inch have some nice pumps, although nothing like what we saw from ENJIN and MANA more recently. Unusually for this period of the market, many of the small-cap gaming tokens have not necessarily been pumping but have put in long term consistently strong gains. ILV and AXS are continuing to make good progress to the moon, as well as many others.
What's next, it's hard to say. I'm continuing to watch the exchange tokens especially BNB and FTT. I think SNX is very undervalued and has been forgotten about, however, we need to wait for price increases to be backed with volume before we get involved in these. Let's also not forget that in the temporary excitement of random altcoin pumps, if BTC breaks out strongly to new all time highs we might see all of these alts bleed at the hands of our vengeful king Bitcoin the 1st.
What's next, it's hard to say. I'm continuing to watch the exchange tokens especially BNB and FTT. I think SNX is very undervalued and has been forgotten about, however, we need to wait for price increases to be backed with volume before we get involved in these. Let's also not forget that in the temporary excitement of random altcoin pumps, if BTC breaks out strongly to new all time highs we might see all of these alts bleed at the hands of our vengeful king Bitcoin the 1st.
