When the Next Crypto Market Bull Run Happens, Altcoins Can Stand to See 1,000%+ Gains
Bitcoin has been enjoying a comfortable place lately but saw a substantial drop today. Though the price has remained above $5,000 for a while, but records from CoinMarketCap show that Bitcoin saw a high of $5,359 but eventually dropped by over $100 down to $5,258. Thomas Lee, an enthusiast of Bitcoin, spoke on this development, saying that the connection between altcoins and Bitcoin would eventually lead to over 1,100% in gains, much like the results of the bull run from 2017 to 2018.
Via Twitter, Lee said that the first “pre-condition” that would happen would be the drop in the connection between Bitcoin and altcoins, spurring the alt-season. In the post, he provided a chart that showed what happened before the last bull run, comparing it to now.
According to the charge, the correlation collapse happened from March 2016 to May 2016, March 2017 to May 2017, November 2017 to January 2018, and now the current trend that has gone since last month. Lee stated that the connection between Bitcoin and altcoins supports 1,100% in alt-season gains.
Lee added that he thinks that cryptocurrency is still at the early adoption stage, but the number of wallets is sufficient for keeping the same strength.
2/ past alt-seasons averaged 1,100% gains
Will the next alt-season be as strong as the past? Given there are probably only ~50mm active wallets (vs 5 billion Visa/MasterCard accts), we think crypto still early in the adoption curve. So it should be similar pic.twitter.com/cgTBOHteMT
— Thomas Lee (@fundstrat) April 20, 2019
With the drop in Bitcoin’s price today, there have been many altcoins to start to fall by a single margin, including Binance Coin, XRP, Ethereum, Litecoin, and Cardano. Both Litecoin and Cardano have exceeded 6% in losses in the last 24 hours.
By the time this article was written, Bitcoin was seeing a total price of $5,313.02, showing an overall loss of 0.48% in the last 24 hours.