6/04 ANDY HOFFMAN (CryptoGoldCentral.com): Is Bitcoin’s Rally Slowing…Enabling The Long-Awaited, Inevitable “Alt Season” To Arrive?

in #andyhoffman5 years ago

Bitcoin FOMO is unlike anything I’ve ever witnessed – with the closest case being Precious Metals – given that it is rooted in a belief Bitcoin will take over the global financial system. Trust me, I was all-in Precious Metals in 2011 when the U.S. government was downgraded by S&P – and Bitcoin in December 2017. In neither case did I sell, as in neither case did the global financial system fail (not that it can’t, or won’t, sometime in the future).

Conversely, altcoin FOMO is rooted entirely in PROFIT – as while some coins have genuine potential (as technologies like MWC, or stores of value like Bitcoin Rhodium), most are pump and dumps, seeking greater fools. But MAN, there is nothing like it, as we saw in January 2018.

From March through May, we saw the end of the crypto bear market – with Bitcoin leading the way, surging from $3,200 to $9,100 whilst Bitcoin “dominance” exploded from the 50% level it had been stuck at for months, to a high of 60.5% May 13th. Maximalists were in charge, as Bitcoin was on the verge of $10,000; an new ATH above $20,000…and perhaps, $1,000,000.

All these things might occur – be it sooner, or later. But for now, Bitcoin’s rally seems to be taking a rest, particularly after yesterday’s big downward correction. More tellingly, however, is that Bitcoin’s market cap dominance has given back half its gains – having dipped back to 55.7%. In other words, FOMO peaked last week at $9,100, and has rapidly left the building.

https://twitter.com/Andy_Hoffman_CG/status/1135712187312365569

However, it is indisputable that the crypto bear market is over – which in my view, was proven when the Hoffman Line held (nearly to the dollar) in the wake of the Binance hack. Crypto is simply to revolutionary, and impactful, to be stopped – particularly in a world where fiat currency continues to be rapidly debased, and Precious Metal demand is all but dead. Not to mention, the fact that crypto does everything fiat and Precious Metals do, 1,000x better!

https://twitter.com/Andy_Hoffman_CG/status/1135697214129524738

Thus, the question of whether a new “alt season” is upon us, in which altcoins vastly outperform Bitcoin for a significant period of time – perhaps, challenging Bitcoin’s “dominance low” of 33% in January 2018.

I don’t know the answer to the question, yet…but I do know it’s coming soon; and when it does, being a “Bitcoin Maximalist” will decidedly NOT be the optimal investment strategy.

Bitcoin Rhodium currently trades on p2pbp2.io, Trade Satoshi, Fat BTC and Bisq. If you have questions about anything XRC-related, including OTC trading, please email me at [email protected], or DM/PM me on Twitter or Discord.

The MWC airdrop registration for Bitcoin holders will continue until the July 19th snapshot. For more information, please check out the MWC website, Discord room, and
Twitter feed, and Telegram Forum.

https://www.mwc.mw/

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