Bitcoin has regained some colour following Square’s announcement of the massive purchase of BTC. The altseasons could also use some leverage, like this optimistic tweet, which is not unanimous in the twittosphere. The DeFi is currently on the brink of collapse with tokens seeing their share price drop for about ten days now; a recovery would be a more convincing
A real false season of the altseason in sight?
A tweet from SBF Alameda indicating the imminence of an altseason has provoked many comments from twitters: a realistic scenario or an attempt to manipulate the “pump and dump” of the violin holders to push prices up?
Altcoins are in a turbulent zone where sellers dominate the markets, while the price of Bitcoin fluctuates between USD 10,200 and USD 11,400.
The events of recent weeks have accentuated this climate of uncertainty: the hack of 150 million dollars of KuCoin, the indictment of the managers of BitMEX but also the positive diagnosis of Donald Trump at Covid-19.
As long as the price of Bitcoin remains unstable, there is possible pressure to sell the altcoins.
A feeling of altseason over DEX
The Santiment analysis platform explains in an article that one indicator in particular can be used to determine the imminence of an altseason: trading volumes on decentralised exchanges such as Uniswap.
DeFi assets are particularly affected by the economic factors that negatively impact the markets: some have recorded an estimated loss in value of between 15% and 85%.
Santiment explains that a reversal of this trend is a clear confirmation of the beginning of an altseason: an increase in trading volumes marks a renewal of user interest.
On the Kyber platform for example, Santiment’s analysts estimate that this volume should exceed $10 million on a daily basis.
An imminent altseason? If so, for which altcoins? For an Ethereum in difficulty with the explosion of its gas and which bends under the weight of the DeFi ? For DeFi tokens whose fall may signal the end of the first period of strong growth in the sector ? For classic altcoins that have been discreet for a long time ? Perhaps for NFT tokens which have a growth potential of 10,000%. An altseason in this season: the weather forecast may have been wrong and, not just a little!