Veteran on-chain analyst Willy Woo said altcoins will continue to see less explosiveness over time as the cryptocurrency market matures.
Woo told his 1.1 million followers on social media platform
Rather than focusing on decentralized finance (DeFi) or some sort of technological innovation, Woo says the current altcoin hype is mostly focused on memes, which he believes is a poor view of the cryptocurrency space.
The analyst says:
“I’m not saying there won’t be an alt season. Certainly, there will be an echo fractal with mid-caps and low-caps pumping after the BTC pump as investors seek higher returns on the risk curve. This is a normal part of the market and you can see it in stocks too. Since the 2017 alt bubble, the alt season will have weakened with each cycle.
Also, remember that alternative market caps are like a cricket bat with 10 new handles and 10 new blades. This is the sum of all new winners. Losers are not included in market capitalization.
Definitely get a deal. If you want to play… never HODL (Hold on for dear life) unless you’re knowledgeable enough to be an effective insider. Because Alt, like any casino with a home, is an insider’s game. Victory in the end. But you already know that.”
As of this writing, the value of Bitcoin (BTC.D), which compares Bitcoin’s market capitalization to all other cryptocurrency assets, is at 59.38%, the highest in three and a half years.
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