The Summer is Back, and Altcoins, Too?

As you may know, I live in an area of Spain that was hit by heavy rains, that Spaniards call "gota fría", a few days ago. Actually, I wrote about it a week ago when it was forming and you can find some really scary photos in that post. Unfortunately, it provoked a very heavy flood in some cities, leaving huge material damage and taking 7 lives. I was lucky that it didn't hit the town where I live and we didn't have floods. It is interesting that only days after the storm, the sun came out and it's like the summer is back!

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I would like to compare it with the current coin market situation because these days we are witnessing some interesting things that are happening, that we didn't see a long time ago. The main difference is that our bearish "storm" lasts more than a few days, but the sun is getting out slowly and we can catch some of the sunshine.

source coinmarketcap.com

Firstly, Bitcoin dominance started dropping after reaching its top of over 71% a week ago, and it provoked a direct impact to the altcoins market. Some of the major coins, like Ethereum or Litecoin, gained momentum and rise in value compared with BTC for over 15-20%.

source coinmarketcap.com

On the other side, the second thing that I found interesting is that Bitcoin started to pull back a little bit, and altcoins didn't follow it! That is very interesting because in this bear market, usually when Bitcoin goes strongly up, altcoins are falling down. And, when BTC was going down altcoins were going down even more. But this time was different...

In conclusion, maybe all these things don't mean anything, but it's certainly something different. Maybe these are indicators that we are finally close to that "Altcoin season", but I doubt that it will be like the last one with that high volatile numbers.

But, on the other side, maybe this is just a last struggle of altcoins before the last drop when all the weak hands will be left behind and washed away.

Anyways, it is interesting that the markets weren't boring in the last few days.

ph

DISCLAIMER: I am not a financial advisor. The advice here given is not a piece of financial advice even though my excitement might make it look like such.

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