In the wave of the first half of this year, the prestige bitcoin continued to squeeze the living space of the altcoin, especially in the past two months or so, the size of the altcoin is significantly higher than the collective diving of bitcoin. Bitcoin's market capitalization ratio, not long ago, the market value of Bitcoin once rose more than 70%, and the last time similar performance, but also back to more than two years ago in March 2017. For this reason, the sound of the singer of the altcoin in the market is constantly emerging, and some market analysts predict that by the end of this year, the market value of Bitcoin may rise to over 90%.
As the singer-speaking remarks about the prospects of the altcoin continue to emerge, the "Altcoin Season", a term used to describe the collective strength of the altcoin, has gradually disappeared on social media. The TIE, a digital money market analysis agency, pointed out on its official Twitter that although in the first few months of this year, the altcoin has gone through a few waves of eye-catching performances and triggered high market attention, but since the beginning of October, The discussion on the “Altcoin Season” on social media has experienced a cliff-like decline, and the current frequency of this term in digital currency related reports has dropped to the lowest level ever. The market’s attention to the altcoin and the optimism about the prospects of the altcoin have completely fallen to the bottom.
- The altcoin season is coming soon? May be back light, beware of falling
- Institutional Strategy Research | People still want to miss the altcoin for a while
- Babbitt column | Why study the "cottage" coins?
However, from the perspective of market performance, the altcoin does not seem to be completely degraded so quickly. After Bitcoin officially fell below $8,000 in the recent period, the singer voice about the further decline of Bitcoin's market has also increased, and in terms of market performance in the first week of October, Bitcoin has indeed not been able to get out of strong prices. The rebound, which undoubtedly exacerbated the market's worries in the short term. However, in the past week, the altcoin has shown a more unexpected resilience. Some second-tier currencies, including EOS, have performed significantly better than BTC in the past week, and have achieved a nearly 10% phase rebound in a week, which has undoubtedly attracted market attention.
In the context of Bitcoin continuing to move sideways, but some second-line currencies have risen in a single way, the momentum of bitcoin market share has finally frustrated. As of the time of issue, Coinmarketcap’s market value of bitcoin has fallen back to 66.7%. Compared with the 71% high set a month ago, it has fallen by nearly five percentage points. At the same time, in the short term, more and more second-line currencies are ahead of Bitcoin to get rid of the turbulent range of the previous dozen trading days, which undoubtedly created a “further” for the altcoin in the short term. A very favorable environment.
With the diversity of gameplay or application scenarios, the altcoin has played an important role in the explosive growth of the digital currency market in the past few years. However, as this market is still at a very early stage, the relevant regulatory links are not mature, so the relaxed development environment also breeds the risks of this market segment. At present, among the thousands of digital currencies other than Bitcoin, the proportion of currencies that are truly liquid or have real practical value is actually not high. For this reason, market participants have long been accustomed to connecting the “cotton currency” and “high risk” directly by the equal sign. With the outburst of a sharp fall in July-August this year, the willingness of funds to escape from the high-risk altcoin will be very urgent, and this "stepping on" behavior further aggravates the fear of the altcoin itself.
However, as the market calms down, especially in the past month when bitcoin continues to fall, the altcoin has received some lost ground. The sharp decline in market expectations seems to provide a more relaxed "survival" for the altcoin. surroundings". Some analysts believe that because the current market's expectations for the altcoin have fallen to freezing point, once the altcoin is looking for an outbreak, the space for counterattack will be more sufficient. The current "fear" stage of the market, the appropriate "greed" "The rewards that can be harvested will be very worth looking forward to.
Last week, CCN's analysis article pointed out that more and more market analysts have paid attention to the signal that the market value of bitcoin accounts for the turning point, which means that the altcoin may come in the future. A new round of outbreak opportunities.
With regard to this conclusion, Bitcoin's fear of greed also reflects very similar results. The recent decline in the value of Bitcoin in recent times means that the market's optimism about the prospects of Bitcoin has changed to some extent, which means that in recent times, the attraction of Bitcoin to market participants is gradually increasing. Falling, compared to the altcoin that is already in the cold winter, under the current special node, the attractiveness of the altcoin is relatively larger than that of the bitcoin.