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The 2017 ‘alt season' made crypto investors a fortune - will we see a repeat this year?

by , 08 July 2019
The 2017 ‘alt season' made crypto investors a fortune - will we see a repeat this year?
“Alt season” in the crypto world, is when people take their gains from bitcoin and pile them into ‘alternative' cryptos, hoping for higher returns.

During the bull run of 2017, this action rocketed many top altcoins by hundreds, even thousands of percent. For instance,

NEM grew 709% between 7 December and 4 January
Ripple grew 1,508% between 7 December and 4 January
Stellar grew 526% between 7 December and 4 January
 
And this all happened in the space of five weeks or less!
 
The reason why many crypto investors are so excited about bitcoin’s latest run is not so much because of bitcoin’s price climb, but what it could mean for alt coins.
 
Let me explain…
     
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What happened last time round
 
In 2017, it took bitcoin 20 days to climb from $10,000 to just under $20,000. And in that time, money rushed out of alt coins and straight into bitcoin.
 
On 7 December 2017, the total market cap of crypto was $425 billion, and bitcoin accounted for 65% of it.
 
One month later, the total market cap hit its all-time high of $825 billion, but bitcoin only accounted for 33% of it.
 
That shows you a massive amount of that extra money flowed into alt coins. The few I listed earlier weren’t the only ones to rocket. Tons of alt coins soared hundreds, even thousands of percent in a short time frame. 
 
However, once the bull-run ended, the crypto market crashed, with many cryptos losing over 80% of their value.
 
Now in 2019, many cryptos have soared again. The biggest, bitcoin, is up over 200%.
 
So the big question today is…
 
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Will there be another alt season like 2017?
 
As I’m writing, the total crypto market cap is at $328 billion, bitcoin is just over $11,500 and bitcoin dominance is at 62.8%.
 
In short, bitcoin’s price, and perhaps most importantly, dominance has never been this high since bitcoin’s last mega run in December 2017.
 
While this feels like the setting for another boom in alt coins, major crypto investors think otherwise.
 
Jeff Dorman, chief investment officer at blockchain-oriented asset manager, Arca, believes crypto investors shouldn’t focus on alt season anymore.
 
Since the boom two years ago, the crypto market has evolved. And he believes investors will put money into the crypto projects that promise some value.
 
Jeff Dorman categorises cryptos into the “Haves” and “Have Nots”. The “Haves” include cryptos that are backed by decent projects and promise massive adoption, while “Have Nots” are cryptos that should be ignored due to lack of progress.
 
To end, Jeff says, “An eventual bull rally won’t happen for the sake of altcoins themselves, but rather for those that actually work”.
 
Whether there’ll be another alt season like 2017 or not, it's clear avid crypto investors should focus on the cryptos that are already working and have potential for mass adoption. A few to consider are BAT, Ethereum, Maker and Binance’s BNB.
 
See you next week,
Joshua Benton,
Managing Editor, Real Wealth 
 
P.S. The South African Investor’s crypto expert, Sam Volkering, also believes certain cryptos will do well over the next few years – one in particular, could soar thousands of percent. Find out all the details here.


The 2017 ‘alt season' made crypto investors a fortune - will we see a repeat this year?
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