Short Update on the state of altcoins
Alt season is upon us, that's for sure. If you are familiar with market cycles (which can be found here: cheatsheet.com/wp-content/uploads/2010/06/Emocional-cycle-2-Web.jpg), I would say we are in the disbelief phase.
The performance of alts is inversely correlated with the price velocity of bitcoin, i.g. if bitcoin goes up/down fast and aggressively, alts go down fast and aggressively. This is because the market is still young and we have a lot of weak hands. The best scenario for altcoins right now is if bitcoin ranges OR slowly climbs. Let's see what happens, just remember to hold and buy the dip. This counts more than ever.
The performance of alts is inversely correlated with the price velocity of bitcoin, i.g. if bitcoin goes up/down fast and aggressively, alts go down fast and aggressively. This is because the market is still young and we have a lot of weak hands. The best scenario for altcoins right now is if bitcoin ranges OR slowly climbs. Let's see what happens, just remember to hold and buy the dip. This counts more than ever.
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