A few coins went up Monday and Bitcoin made it to $63,000, causing people to declare "alt season now" and "correction over," because people are spastic and need engagement and/or hope. Charts looks awful across the board. Most coins are still down 90% from last cycle. We have not had a single whiff of a real altseason. Bitcoin has dominated this cycle, outside of small pumps in select sectors. Memes have gone nuts, but that is generally temporary rotation from coin to coin, so few people benefit.
The real action usually starts 4-6 months AFTER the halving, although history may not repeat. Regardless, now is a good time to step back and chill, not force anything because you think "alt season is today."
Very little is happening.
Bitcoin Dominance is still at near multi year highs, even with thousands of new coins on the market that could impact dominance. This chart is the antithesis of "alt season." Could it be topping? Certainly. But we have very little confirmation that things are changing for now.
The real action usually starts 4-6 months AFTER the halving, although history may not repeat. Regardless, now is a good time to step back and chill, not force anything because you think "alt season is today."
Very little is happening.
Bitcoin Dominance is still at near multi year highs, even with thousands of new coins on the market that could impact dominance. This chart is the antithesis of "alt season." Could it be topping? Certainly. But we have very little confirmation that things are changing for now.
scott.melker@texaswestcapital.com