In the world of crypto-assets, there is an undeniable difference between Bitcoin and the rest of the altcoin market. While Bitcoin was the initiator and biggest benefactor of the bull run that began in April, altcoins trailed as well. Even when the king coin’s valuation and market cap fell however, altcoins were a long way behind.
Take the present bull run as an example. While some altcoins surged along with BTC, they soon ran out of steam by the end of April. Bitcoin however, continued to rally and the virtual asset surged until 26 June 2019, a day when the valuation peaked at $13,800.
The community speculated that a prominent “altcoin season” would prevail. However, market sentiment has hardly changed for the altcoins and stagnation has taken over their individual markets.
The bull run itself has lost steam now, with the king coin consistently recording losses over the past few weeks, and failing to go over its yearly high achieved all the way back on 26 June.
However, the altcoin community remains in the crosshairs and from the question of the altcoin season’s timing, the question is now whether we’ll ever have an altcoin season.
Despite its failing fortunes however, altcoins aren’t to blame. So says Su Zhu, CEO of Three Arrows Capital, who stated that it was unnecessary for users to blame their altcoins for not surging along with Bitcoin.
Zhu said that during the bull run, most of altcoins did not perform due to lack of capital from new investors. He suggested that the people getting into the market all bought into Bitcoin, mostly due to its larger-than-life persona in the cryptospace, and “existing investors” in the altcoin market were stuck with high investments in a non-Bitcoin asset.
Previously, it was also suggested that the first-ever “altcoin season” was witnessed right after Bitcoin underwent its halving and hit its all-time-high of $20,000. With respect to that analysis, many now speculate that the next altcoin would prevail sometime after the Bitcoin halving of 2020.