Has The Altseason Finally Come Upon Us?
Permit me to begin this discourse by first defining an altseason. An altseason is typically a period in the cryptosphere in which altcoins (other coins excluding Bitcoin) generally outperform Bitcoin such that its dominance reduces significantly.
In other words, an altseason oversees a massively prosperous era for altcoins. In the last altseason that took place towards the end of 2017 and the beginning of 2018, hundreds of altcoins made gains that ran into as high as 5, 000% and even more. Really, it is a period which several crypto investors look forward to.
Following the rally that came the way of Bitcoin in the build up to the last halving event in May 2020, the talk of a forthcoming altseason resurfaced on the front burner of crypto discussions. However, Bitcoin maximalists continue to promote the notion that altcoins will die off.
Nevertheless, the crypto market recently saw an explosive surge in the prices of altcoins, with Chainlink (LINK) moving from a low of $3.6 to a high of $17.8 in less than two months. That's a gain of about 500%. Chainlink is not alone in the party as CRO, ANT, THETA, ETH, KAVA, etc also made considerable gains within the period. This raises the question, is the altseason finally upon us?
The answer to that question, in the strictest evaluation of things, is that we are yet to see the full stature of an altseason. Although the ongoing rally in the prices of altcoins looks quite promising, the momentum is still quite far from what is needed to declare a full-blown altseason - the reason being that a vast majority of the altcoins in the market are left out in the recent rally. A proper altseason should have more coins in the party than those peeping from the sidelines.
Also, we can be sure, atleast from an historical perspective, that what we are seeing now is not a flash in the pan but a real altseason only when it is happening after Bitcoin has reached a new all-time high. I foresee that for the next couple of days, more altcoin rallies will be witnessed before the momentum and market sentiments flip in favour of Bitcoin. Well, only time will tell.