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Anywhere you turn in the crypto community, be it Reddit, Telegram, Discord, or “Crypto Twitter,” analysts and traders or altcoins everywhere are ranting and raving about the apparent “alt season” that is upon us.
Now that Q1 has come to a close, new data shows just how profitable alt season has been for traders, with over 20 individual coins doubling in value or more since the start of 2019.
Alt Season Proves Profitable for Crypto Investors, Over 20 Altcoins Seeing Double
Ever since Bitcoin fell through support at $6,000 to its current trading range, the market has been going through a bottoming process, where it builds a base of strong, impenetrable support at local lows. Since many altcoins also have bottomed, they too have been building up strong support in anticipation of a move higher.
#Altseason is upon us…
Bitcoin is up nearly 2% today yet BTC dominance is still dropping, now at 50.2%.
What happens if it drops below half? pic.twitter.com/ieYj7BJN2U
— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) March 29, 2019
As these charts bottom out, taking the risk and accumulating altcoins has been paying off handsomely for crypto traders and investors. In fact, since the start of 2019, there are over 20 individual altcoins across the market that have doubled in value. Some have even done nearly an 8x during the quarter.
Related Reading | Crypto Comeback: One Simple Chart Proves Altcoin Season Is Upon Us
The insane gains are evidence enough that the crypto market being in an alt season is a very real reality. Some cryptocurrencies have appreciated more in one quarter than traditional assets ever will over the course of a ten year investment, to put things into perspective.
If this is not altseason I don't know what an altseason looks like!
Some top gainers of last months on @binance $ENJ 983%$MDA 868%$EVX 593%$OAX 547%$THETA 408%$HOT 316%$BNB 290%$KNC 261%$APPC 219%$ONT 214%$TRX 206%$VIV 192%$EOS 186%
What are you waiting for?
— Crypto Walker (@cryptoWalk3r) March 27, 2019
Topping the list of gainers percentage-wise, rests PCHAIN, the first “native multi chain system in the world that supports Ethereum Virtual Machine.” PCHAIN investors enjoyed at gain of over 792%, according to data from Messari.
The rest of the list is filled out by a variety of low and mid-cap altcoins, along with recent mover Basic Attention Token, and the seemingly unstoppable Binance Coin, which has nearly done a 200% run since January 1st.
Where Will Alt Season Take Us Next?
Altcoin season can occur during both Bitcoin rallies and declines, however, they most commonly happen during times that Bitcoin trades sideways. The stability seen in Bitcoin gives market participants more confidence in the altcoins market.
Related Reading | Experienced Altcoin Trader Outlines Expectations For Bitcoin and Alt Bull Cycles
Bitcoin itself is at a critical juncture, and is ready to either retest bear market lows, or rally to a new trading range. Depending on what Bitcoin does from here, it could put a damper on alt season if Bitcoin were to go on an independent run.
Now that many are all expecting this to be the bottom, expecting an altseason and a bullrun.
Imagine how desperate this place would be if dumped like in November. #Crypto $BTC
— Jonathan Habicht (@HabichtJonathan) April 1, 2019
If Bitcoin were to take off, traders may begin to take profit on their alt holdings and FOMO into Bitcoin during the asset’s liftoff from its bottom formation.
Alternatively, if Bitcoin falls, fear may return to the market and an altcoins selloff could occur. Regardless of what happens next for altcoins, they very much hinge on Bitcoin’s next move.
