WHEN IS ALTSEASON? (A thread)
Late 2017/early 2018 was an amazing time for #Crypto
Simply create an account on Binance (without KYC/VPN), deposit a little bit of money, buy whatever alt coin hadn't pumped 500% yet and hold for a week or two.
Will this happen again?
Cont...
Late 2017/early 2018 was an amazing time for #Crypto
Simply create an account on Binance (without KYC/VPN), deposit a little bit of money, buy whatever alt coin hadn't pumped 500% yet and hold for a week or two.
Will this happen again?
Cont...
In short, probably not.
But, why?
Back in 2017 the altcoin market was less diluted. A much smaller number of tokens existed and there were far less places to acquire them.
You'd log onto binance and see a pretty short list of alt coins. Now, there's way too many to keep track
But, why?
Back in 2017 the altcoin market was less diluted. A much smaller number of tokens existed and there were far less places to acquire them.
You'd log onto binance and see a pretty short list of alt coins. Now, there's way too many to keep track
Why's this matter? Market dilution.
Not only was there one main place to buy altcoins, the fact that there was less of them meant that most of the new money coming in was going straight into altcoins on Binance (coinbase hardly even had any alt coins listed at the time)
Not only was there one main place to buy altcoins, the fact that there was less of them meant that most of the new money coming in was going straight into altcoins on Binance (coinbase hardly even had any alt coins listed at the time)
On top of that, it was nearly impossible to create a Binance account because they were overloaded w/ new registrations and weren't accepting new users
This created a high demand to get on and people were literally BUYING accounts from others and then throwing huge stacks at alts
This created a high demand to get on and people were literally BUYING accounts from others and then throwing huge stacks at alts
Okay so we covered that there were less TOKENS to buy and everything was on one chain. So all of the money coming in was going into a very isolated area and it was causing MEGA PUMPS in days.
I remember buying POE at 1 cent and it was 11 cents a week later. Insane!!
I remember buying POE at 1 cent and it was 11 cents a week later. Insane!!
Another point I should mention is that there was little to no sell pressure at the time.
All of these alt coins immediately went into price discovery; meaning no panic selling or cutting losses/selling bounces to get out of a loser. Which is why NEW tokens ran hard in 2020l2021
All of these alt coins immediately went into price discovery; meaning no panic selling or cutting losses/selling bounces to get out of a loser. Which is why NEW tokens ran hard in 2020l2021
Fast forward to 2022 and now we have a million different chains (Binance, Ethereum, Tron, Polygon, Avalanche.. the list goes on).
We have thousands upon thousands of new (worthless) tokens further diluting the money coming in
Funds are spread more thin.. and now we have NFTs!!
We have thousands upon thousands of new (worthless) tokens further diluting the money coming in
Funds are spread more thin.. and now we have NFTs!!
The total NFT market cap currently sits at over $31 billion!!
Imagine what that amount of cash would do to your favorite alt coin if it weren't tied up in an NFT (mega pump!!)
This is further diluting where the new money is being dispersed in Crypto and hurting your altcoins
Imagine what that amount of cash would do to your favorite alt coin if it weren't tied up in an NFT (mega pump!!)
This is further diluting where the new money is being dispersed in Crypto and hurting your altcoins
If u weren't around for the alt season of 2017/2018 but u were here in 2021 for the original NFT boom then you experienced exactly how altseason feels!
Everyone wanted in
Everyone was buying cheap NFTs
Values were pumping 500%+ in days
THAT WAS THE 2021 VERSION OF ALT SEASON!
Everyone wanted in
Everyone was buying cheap NFTs
Values were pumping 500%+ in days
THAT WAS THE 2021 VERSION OF ALT SEASON!
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