Recent price jumps for many altcoins also have an impact on the trader community. According to recent studies, investors are increasingly willing to invest in alts.
The project aims to build a trading platform and is supported, among others by billionaire VC fund Tim Draper.
Traders Betting on altcoins!
A popular cryptocurrency analyst who hides under the pseudonym Loma, conducted a survey on Twitter. He asked members of the cryptocurrency community how engaged are they in altcoins.
How exposed are you to ALTs right now?
— Loma (@LomahCrypto) February 4, 2020
Over 8000 people took part in the vote. The results are very interesting. As much as 39 percent of those who took part in the survey have 76-100% of their invested capital in altcoins. In addition, 13 percent people admitted that they had invested in alternatives to BTC between 51 and 75 percent of their resources. This means that over 50% of all study participants spend most of their money on cryptocurrencies other than Bitcoin.
Many people now seem to believe strongly in the revival of the altcoin market. And we should not be surprised. Bitcoin’s domination has now fallen by more than 3.5 percent only during the last month, which shows that the world’s largest cryptocurrency is already giving way to others.
Altcoins are far from their 2017 prices
Alts are also attractive today for another reason. Many of them have lost a lot if we compare their current prices with ATH 2017.
Let’s take a look at Ethereum, for example. The ATH for this token was reached at the beginning of 2018. At that time, prices of approximately USD 1,400 were paid for 1 ETH. In turn, today we are talking about a price of just over USD 200. If we manage to return to the same ATH level during the next bull market, we are already talking about substantial profit. In turn, during a possible bubble, we can count on a new ATH. This would mean that ETH can generously repay loyal investors.
Altseason is here
In the last 24 hours, enthusiasm has spread among crypto enthusiasts on Twitter with many claiming to be all in alts and that Altseason is here.
I wonder though, who will have the balls to hold a 10,000x ?
— Sir Bitlord (PhD) (@Crypto_Bitlord) February 5, 2020
My portfolio is 98% #altcoins.
— Altcoin Dad (@bitcoin_dad) February 3, 2020
If you’re all in alts I’m 99% certain that one of 3 things will happen to you:
1) You’ll sell the first or last down move / retrace
2) You’ll bag hold forever
3) Once you finally break even you’ll sell only to be sidelined for the real move
Don’t be an idiot, manage your risk.
— DonAlt (@CryptoDonAlt) February 4, 2020