Altcoins have started slowly pumping on the market. Today Lite coin, surged 14% with most of the other top altcoins posting 3% – 6% gains. In this article I want to go over my opinion on the postponed altcoin market, and why altcoins are about to pop.
Nothing should be considered as investment or financial advice. Enjoy the ride.
The altcoin market seems to have been put on hold. At least it seems that way due to Bitcoins recent surge in Price. The positive side of things is that the BTC movement has provided a drastic increase in investor confidence. Although, the market is completely different from ever before even when compared to only 2 years ago, 2017. This leaves little room for reflection on previous market cycles.
Traditionally, there is a common assumption that Bitcoin will pump and the altcoins will follow a month or two afterward. The reason this has not happened yet across the market is because of one simple thing; Bitcoin has not stopped pumping. If you notice, when Bitcoin settled at $8,000 for a few weeks, the alts started to accumulate pressure.
Since Bitcoin surged again to $9,000 and up to almost $14,000, investors lost the confidence to hedge back into alts. At this point, it seems Bitcoin should maintain a healthy price around $11,000 for several weeks and create sideways trading. After this period, investors will feel comfortable shifting back into alts creating the altcoin market. This will partially be driven by traders getting bored and seeking more gains.