Bitcoin (BTC) has picked up again following Square’s announcement of the massive purchase of BTC. Altcoins would also need a lot of leverage, like this optimistic tweet which is not unanimous in the tweetosphere. DeFi is currently in disarray with tokens which have seen their price drop for ten days now; a revival would be a more credible sign of an altseason, than a simple reassuring speech.
A real fake altcoin season in sight?
A tweet from SBF Alameda indicating the imminence of an altseason prompted many comments from Twitter: realistic scenario or attempted manipulation “ pump and dump “Altcoin holders to push prices higher?
Altcoins are in a turbulent area where sellers dominate the markets, while the price of Bitcoin ranges between $ 10,200 and $ 11,400.
The events of the past few weeks have heightened this climate of uncertainty: the $ 150 million hack of KuCoin, the indictment of those responsible for BitMEX but also, the positive diagnosis of Donald trump to Covid-19.
As long as the course of Bitcoin remains unstable, there is possible pressure to sell altcoins.
A feeling of altseason on DEX
The analysis platform Santiment explains in an article that one indicator in particular makes it possible to determine the imminence of an altseason: it concerns trading volumes on decentralized exchanges such as Uniswap.
Assets Challenge are particularly affected by economic factors which have a negative impact on the markets: some have recorded an estimated loss of value between 15% and 85%.
Santiment explains that a reversal of this trend is a clear confirmation of the start of an altseason: an increase in trading volumes signals a resurgence of user interest.
On the platform Kyber for example, analysts of Santiment estimate that this volume should exceed 10 million dollars on a daily basis.
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An impending altseason? If so, for which altcoins? For an Ethereum struggling with the explosion of its gas and which is bending under the weight of DeFi? For DeFi tokens whose fall perhaps signals the end of the sector’s first period of strong growth? For classic altcoins that have been quiet for a while? Maybe for NFT tokens which have a growth potential of 10,000%. An altseason in this season: the weather forecast may have been wrong in its forecast and, not just a little!
Litecoin, welcome in the Silver Age