From Ethereum to Dogecoins, Why I am expecting Alt Season
Bitcoin began 2021 on a high note, reaching a new all-time high of around $63,000 and experiencing levels of institutional support never before seen. In many ways, 2021 was shaping up to be the year of bitcoin, with more places accepting it as a medium of exchange than ever before and more people entering the market.
Almost halfway through the year, bitcoin is currently trading around $33,000, following a drop in value. Aside from crypto critics who have declared bitcoin dead and investors looking to enter the market at a low point, the current state of the cryptocurrency industry indicates that we are firmly in the altcoin season.
The Era of AltcoinsÂ
While bitcoin receives the majority of the attention in the cryptocurrency industry, altcoins have recently grown in popularity, particularly among new investors. This is due to the fact that they not only provide a viable alternative to bitcoin, but they have also performed admirably even as bitcoin's value has declined.Â
There's dogecoin, one of the biggest altcoins to emerge in 2021, which has seen its value skyrocket in response to public support from Tesla CEO Elon Musk. Altcoins are cryptocurrencies other than Bitcoin that are a testament to bitcoin's dominance in the industry. While diversifying one's investment has long been recommended in the cryptocurrency industry, altcoins are becoming more popular in investor portfolios.
It is now more common for an investor to spread their funds across lesser-known cryptocurrencies such as dogecoin, SUSHI, ADA, and so on. While bitcoin is unlikely to be dethroned as the world's largest cryptocurrency, altcoin season has arrived and appears to be on its way to the top.
Why it is Here to Stay
Whatever happens in the market over the next few months, it is clear that altcoins are here to stay and will eventually take up a larger portion of the crypto industry pie. For starters, altcoins offer a more accessible alternative to bitcoin for investors, particularly newer ones. Not everyone can afford to spend tens of thousands of dollars on a single bitcoin, but for less than $100, they can purchase several smaller tokens.
Furthermore, bitcoin and crypto-related education have made significant strides in recent years, implying that investors are aware that bitcoin is not the be-all and end-all of the crypto industry. Especially given that bitcoin may take months to recover while dozens of other altcoins regularly see triple-digit price increases. No one wants to wait years or months for bitcoin to recover, so altcoins are on the rise.
This is ultimately a good thing because it means the cryptocurrency industry will grow stronger over time. With as many advantages as bitcoin provides, it cannot and should not be the sole focus of the crypto industry, and investment activities cannot be halted if the Bitcoin market falls. Clearly, investors have noticed this, which is why there is more information on the various altcoins available to consumers than ever before.
As cryptocurrency becomes more popular and more people enter the market, there will be less emphasis on bitcoin and more interest in altcoins. This ultimately means that more funds will be directed toward innovative blockchain projects, and the full scope of their potential will be explored.
As cryptocurrency becomes more popular and more people enter the market, there will be less emphasis on bitcoin and more interest in altcoins. This ultimately means that more funds will be directed toward innovative blockchain projects, and the full scope of their potential will be explored.
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Utility and transactions will determine the winners of altcoin season, the coin has to do something!
BTC could be the currency peg but alt rules ! So many great projects.