Veteran crypto analyst Willy Woo believes that altcoins, those cryptocurrencies other than Bitcoin, are losing their explosive power. He thinks the current market cycle is different from previous ones because it’s the third time since 2017 that altcoins have gained significant attention.
Meme-Driven Hype
Woo argues that the current altcoin hype is driven by memes, not by technological innovation or decentralized finance (DeFi) like in previous cycles. He believes this is a bad sign for the crypto space.
Weaker Alt Seasons
While Woo acknowledges that altcoins will continue to experience periods of growth, he predicts these “alt seasons” will become weaker with each passing market cycle. He compares it to the stock market, where smaller companies often rise in value after larger companies experience gains.
Bitcoin Dominance
The growing dominance of Bitcoin, which is currently at a three-and-a-half-year high, supports Woo’s argument. Bitcoin dominance refers to the percentage of the total cryptocurrency market cap that Bitcoin represents.
Insider’s Game
Woo advises against holding altcoins for the long term, comparing it to gambling. He believes that altcoins are an “insider’s game” where only those with deep knowledge can consistently profit.
In short, Willy Woo believes that the altcoin hype is fading and Bitcoin is becoming increasingly dominant in the crypto market.
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