Crypto Summer to begin June 21st?
According to the CEO of Circle, Globalcoin is likely going to make that happen.
Jeremy Allaire, the CEO of Circle, says that Facebook releasing their white paper on June 21st for Libra (Globalcoin?) are going to be the catalyst that takes bitcoin over $10k.
Once, that happens, summer is officially here for crypto according to Allaire.
His quote:
(Source: https://twitter.com/jerallaire/status/1139937917042745344)
What will that mean for altcoins?
That is the million dollar question.
In the past there has been a trend where bitcoin runs up, pulls money into the space, then it consolidates and money flows into altcoins.
Which has lead to the phrase; first bitcoin, then alts.
However, sometimes when bitcoin starts really ramping up, it sucks value from altcoin projects.
Hopefully that doesn't happen here...
My thoughts:
Considering the catalyst is likely to be an altcoin itself (libra), there is a decent chance that other altcoins perform pretty well as well.
Hopefully it helps provide a nice boost to steem as the Binance news has seemed to take some of the wind out of the sales of many of the mid and small cap altcoins.
Either way, we only have a few more days to wait until we can start busting out the sun tan lotion of Allaire is right!
Stay informed my friends.
Image Source:
-Doc
Can’t wait for the 21st 🧐
That would be nice if it turned out to be true...
We are getting closer and closer to the 21st...
"However, sometimes when bitcoin starts really ramping up, it sucks value from altcoin projects."
I don't mind if this happens. First, it helps kill off the weaker projects. Second, it gives me more time to purchase a weak altcoin with a strong BTC or fiat. At some point BTC will settle, and people will start looking for bargains. At that point I will have that many more altcoins I can turn into more BTC through a number of means.
That is a very good point. I think most are just tired of seeing steem going down, myself included :)
I would like to see the inverse of this happen actually... so I can purchase a weak bitcoin with a strong altcoin. :)
Of course, that's why we have market cycles right?
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I sure hope so. This scenario doesn't seem to happen all that often though. At least not for the altcoins outside the top couple...
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well looking at current trend it may likely to be happening sooner than ever
Yep, it very well might.