BTC is close to its ATH once again, and despite being over 100,000 dollaz, there’s not much hype around it anymore. I mean, the way BTC moves now is nothing like in 2017 or 2021... Back then, there were fireworks every time BTC smashed new ATHs, and altcoins were partying right along with it.
Now it feels like this is the loneliest bull market of them all. Spring of 2024 was way more animated than what we have now, but even so, I’ve noticed something recently...
First thing I wanna mention is that for a while now, BlackRock has been seeing constant outflows of BTC through its ETF, and despite that, it’s still holding something like 660,000 bitcoins. But according to onchain data, they’ve been buying ETH lately on a consistent basis too.
BlackRock is smart money, and if you wanna make money in crypto, you should follow smart money. Does that mean you should start DCAing into ETH right now because BlackRock is doing it? Not really... But if ETH starts rallying like it would in a true bull market, then we should see the whole altcoin market follow suit.
Thus far, that’s not the situation, though. Bitcoin is still rocking something like 65% dominance, and as mentioned a few paragraphs above, it’s engaged in a pretty lone run. The second thing I noticed, and worth tackling, is that recently I saw quite a few OG coins on the trading page on coingecko, which means that...
Well, to me, that means investors have probably had enough of bullshit memecoins and are now shifting attention—and hopefully funds too—toward time-tested OG coins like Solana and others. I wouldn’t call game over for meme coins yet, but we might be on the verge of seeing some proper movement for other altcoins too.
The broad picture for altcoins feels like a bear market, and to some extent, I’d blame that on the number of altcoins in existence. There are over 17,000 coins that coingecko tracks on the platform, which means the total $3.4 trillion market cap is divided among way more coins than we had in previous bull markets.
However, if BTC goes parabolic in the coming days or weeks into its blow-off top phase, I believe we’ll see a really nice run for altcoins too. Maybe many won’t reach their previous ATHs, but they’ll still do well. So, the cards aren’t fully on the table yet. This is, however, a damn lone bull market if you ask me.
What do you think?
Thanks for your attention,
Adrian
