Bitcoin’s 17% rise in the last 7 days managed to turn the fear in the crypto money market into more greed for greed and greed. In addition, the fact that BTC completely erased the effects of the sharp decline seen in the previous months in the first days of May also motivated investors seriously.
Bitcoin Swallowed Dust To Altcoins
According to Messari’s analysis data, Bitcoin was the only asset to survive the sharp declines before February and March. Looking at the data released by Messari, it is seen that BTC achieved a 3% increase in the period between February and May and almost all of the other cryptocurrencies are at a loss.
#Bitcoin has completely recovered from it's Feb 19 close, the day before global markets collapsed.
The rest of the market is still way behind. pic.twitter.com/iStGBO50Mn
— Ceteris Paribus (@ceterispar1bus) May 7, 2020
This actually raises questions about whether the highly anticipated altcoin season will come. If BTC begins to draw a horizontal chart at these levels and can maintain its value, the expected altcoin season may come true at the end.
However, even the projects such as Binance Coin, Ethereum, Tezos and Chainlink, which are among the best performing altcoins of 2019, suggest that they are not yet ready for the altcoin season.