In the cryptocurrency space, everyone’s eagerly awaiting a major altcoin breakout. However, it often feels like we’re waiting endlessly with little happening. Typically, the best time to buy is when prices are at or above the bull market support band. Currently, according to the analyst of ‘The Fomo Factory’ the market is showing some promising signs.
The analyst noted that if a major altcoin season occurs, it will likely be the smallest yet, which makes sense. In previous cycles, fewer altcoins were available, but now the market is flooded with meme coins, new Solana coins, and numerous IDOs. This proliferation dilutes the potential gains, making it harder to see the massive returns of past cycles.
Investors should look for coins with staying power, such as Bitcoin and Ethereum, and major layer-one coins, like Solana and BNB. These are considered safer picks. However, even within categories like gaming, there are many poor-quality projects, so caution is advised.
Bitcoin dominance is rising, indicating a Bitcoin-focused market rather than an altcoin season. However, following the historical pattern, an alt season could occur about eight months after the most recent Bitcoin halving, which would be around the end of the year.
The analyst spoke about evaluating altcoins based on their performance against Bitcoin rather than the dollar. He pointed out that although altcoins are not at their lowest levels, they are still far from their highs, with many not performing well in Bitcoin pairs.
He advised looking at specific altcoins that showed significant gains during periods when the market collectively rose. For instance, during a market rise of 70% against Bitcoin, altcoins like Cify and ChainGPT surged by 430% and 490%, respectively. This indicates that launchpads might be strong performers
He provided examples of strong performers, such as Solana, which increased by 520% against Bitcoin from June to December, and Superverse, which also had significant gains. These examples suggest that focusing on certain narratives, like gaming ecosystems, might be beneficial.
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