- So, an analyst thinks the altcoin sector might have finally hit rock bottom. How original! 🙄
- But wait, there are still some pesky risks lurking around like an ex at a party. 🥴
Despite the altcoin season being as elusive as a good hair day, some analysts are clinging to hope that the sector will bounce back like a rubber ball soon. 🎈
According to Mathew Hyland, the fact that the altcoin sector didn’t plummet into oblivion after Fed chair Jerome Powell decided to play hardball with rate cuts is a sign of a bottom. Who knew? 🤷♀️
“If you told anyone yesterday that Powell would announce no QE until rates hit zero, most would have expected a massive sell-off that would make even the bravest investor weep. But surprise! The bottom is in.”
Hyland also mentioned that the Fed’s gloomy outlook might have already been factored in during last week’s dramatic plunge, and sellers are now as exhausted as a marathon runner at the finish line. 🏃♂️💨
Altcoin season index hit a pivotal level, but…
For context, most altcoins have shed a staggering 20%-90% since late January, with some sparkling gems erasing their November ‘Trump pump’ gains faster than you can say “what happened?” 💔
Historically, this positioning would suggest a rebound is on the horizon, but let’s not get too excited just yet. There are more factors at play than in a soap opera plot twist. 📺
For instance, there are just too many tokens competing for liquidity, making it harder for the broader altcoin market to rebound wholesomely. It’s like trying to find a parking spot at a concert—good luck! 🚗💨
This means only a select few gems might see a strong rebound if the altcoin season ever decides to show up. 🏆
However, high BTC Dominance (BTC.D) could be the ultimate party pooper. Since last December, BTC.D has climbed from 55% to over 60%, further draining liquidity from altcoins like a bad breakup. 💔
In fact, during this time, the altcoin market has lost nearly $40B, shrinking from $1.64T to $1.25T. Ouch! 😱
But not all altcoins are crying in their pillows. Some, like MANTRA [OM], Litecoin [LTC], and Hyperliquid [HYPE], have logged double and triple-digit gains over the past thirty days. Talk about a glow-up! ✨
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2025-02-12 19:07