Are the bulls here already?
If you’ve been holding some Bitcoin and Ethereum for the past five months, then for sure you already gave a very loud answer to the topic question, yeah, that’s almost certain. Well, many others wouldn’t say the same…probably. I must say a huge congratulations to the guys who believed in decentralized finance projects while they lurked in obscurity all this time, well-deserved return on investment!
Personally, a few tokens have made 5x gains; alright. But a majority of altcoins are still in the dark.
In the past two months, notable cryptocurrencies have seen massive gains, with bitcoin hitting the $120,000 mark and going a bit higher with a good support at $110,000 to retain its over 50% dominance of the total cryptocurrency market capitalization. Altcoins could run riot and make massive gains alongside Bitcoin. We might have another altseason!, Now I didn’t say that so loud.
In a quick space of 60 days, a lot has happened in the crypto space, especially where it concerns average/overall price movements. Volatility is kind of normal in the crypto space anyway, but when this is strongly on the positive side of things, fantasizing about an explosion is a normal trend.
While the optimists would go on with the ‘Lambo’ talks, the pessimists would pause for a while, ask a couple of questions: ‘Will this really last that long?’ and probably set a stop-loss. Well, I hope pessimists’ dreams remain a dream and the ‘lambo’ talks reigning supreme…it’s been a while since we had some fun in this space!
But pessimism and optimism are extreme thoughts, and in reality, a mixture of the two (in no determined proportion) is what is actually obtainable. And this case is no different.
Are the bulls here already? Sorry, I had to ask again, but despite the recent gains across the many cryptocurrencies and the total market exceeding $4 trillion at the time of this writing. Crypto price movements can hardly be predicted, and anything can happen. During the previous year, Bitcoin price crossed the $100,000 mark but was still unable to bring in the bulls, ending the year decently, but failing to bring the lightning for altcoins.
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Will history repeat itself? Well, I really hope it doesn’t, I mean, I already priced a Lambo truck from the nearest dealer. Enough of the jokes here, even with a 10x gain, I’ll still be below a Lambo price, but that’s fine!
To be frank, the market dynamics surrounding cryptocurrency prices look healthier and more stable this year; so, these gains wouldn’t come as a surprise to most. However, last year’s healthy-looking dynamics weren’t strong enough to sustain prices in green, which led to a significant price drop. The year looks promising, though. Well, the stock market is doing pretty well, so why not cryptocurrencies? There could be some discrepancies, but overall, stock performances have been surprisingly impressive. Cryptocurrencies could be following a general market trend here, and Bitcoin and Ethereum might have engineered another bull run by drawing the attention of certain mainstream finance enthusiasts to the crypto space. If this is the case, then maybe we need to brace up for more moon flights. The rocket man could lend us some shuttles. Guess he used them up for his Tesla stock anyway.
On the negative side, could this be another bull trap? Several mainstream firms are accumulating Ethereum and Bitcoin. With billions in capital from heavily funded institutions flowing into the space, you’d expect some activity for altcoins. However, this might not be the case, and altcoins could miss out on the action.
Whatever it becomes, this wouldn’t come as a surprise to anyone…we’ve all been there! Personally, I’d love to stay optimistic, but staying realistic would be the best thing to do at this time.
Over to you; are the bulls here already?
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