Everywhere I go these days crypto investors seem to be asking this all-important question, have we finally entered Altcoin season, and has the Bull market in cryptocurrencies finally begun? My answer to these questions is both YES and NO!
I believe that we have been in the early stages of a Bitcoin Bull market for months now and that this cycle will continue for at least a couple of years and that we will probably see more than one parabolic upward move in Bitcoin price along the way. But I'm not sure where Bitcoin price will end up by the time this cycle has run its course. At some point, either during this Bull cycle or the next, I believe that mass adoption of blockchain technology will occur and the huge moves that we have been seeing in the bitcoin price will become smaller and smaller as it does. Relatively large moves may still exist, but it will be more like what we see in the price of Gold than what we have seen from Bitcoin in the past.
I think what we are currently seeing in Altcoins is something like you see from specialty hunts prior to the main opening of hunting season. In other words, this is more like bow and use of other primitive weapons season right now. Or maybe it is like hunting for specific small game species (Squirrels and rabbits) prior to the season-opening for big game animals.
In my opinion, we will know when Altcoin season arrives by watching the price of Ethereum on the exchanges. I will be expecting it to start up at a good clip and then start to move parabolic before leveling off and rising at a steady pace throughout this cycle. That leveling off will be investors taking various positions in altcoin projects, and unless I totally miss my guess, almost every project with a working product will see some investment capital flow in. The reason for this is because almost none of these initial investors will know for sure which products will receive adoption by the general public, and they can easily afford to buy anything and everything cheap and absorb any losses that they incur if some of those projects fail.
The real story for us here at Scorum will not be the investment capital coming into the crypto market, although it would certainly give our project a big boost and help all of our feelings just a little. But the true test for us will be whether we receive adoption from the public, will our membership grow and will we gain those small investors who are truly looking for a product that they can use in their daily lives?
It has been a wild few days for SCR on Hotbit as we had both buyers and sellers for a few days. But the fun seems to have ended over the last 24 hours as buyers began to dry up and a dying whale took a dump to finish off the last of those active trades. Perhaps things will fire up again soon, or maybe we will return to business as usual for a little while longer at the lower levels of CMC. But rest assured that in the near future, after you see the price of Ethereum begin a steady and relentless rise, we will again start to see buyers coming around and with their advent, there will be plenty of sellers around to feed their hungry wallets with cheap SCR.