Shitcoin’s quarterly performance overshadows BTC – reasons behind it.

coinratecap (38)in #bitcoin • 4 years ago

Fundamentally something changed amongst these coins- Bitcoin, altcoins and shitcoins but more especially on shitcoin. While altcoins still climbs up, Bitcoin is still swaggering with little or no volatility.

The surge experience by shitcoins unexpectedly appeared within 17 days ago when altcoins, shitcoins, mid-cap perps [perpetual contract], all started surging. This sudden surge was actually Swift and spectacular giving edge over BTC.

[According to FTX, shitcoin-perp tracks the price of a basket of low-market-cap coins, using a weighted average of their prices.]

Quarterly Performance

A look at the diagram shows that Bitcoin has been going backwards in in it’s average performance over two quarters. Although BTC still had a stale performance despite being soared from mid-March to June, The volatility of Bitcoin has come to yearly-lows as well and seems to be getting even lower.

Furthermore, it is obvious that mid-cap perps and shitcoin perps have out-performed bitcoin by a huge margin in all quarters. From the situation it is clear that Bitcoin’s YTD performance was almost 3-4 times less than mid and shitcoin perps as the YTD performance showed that shitcoin perp had the highest performance of 104%, followed by mid-perp [86%].

The reason for sudden altcoin surge

The reason is just alt season, it is again that time of the cycle, where altcoins and shitcoins surge as BTC dominance drops. It is called alt season.
This era of shitcoin and mid perps surge started on June 27 though the source is unknown and have risen almost vertically since then.

Compound’s COMP token may likely be one of the reasons for the start of this altcoin rally. Many investors have taken keen interest in the liquidity and farming. Meanwhile it seems that a pullback or retracement is eminent though it cannot be confirmed if it will actually arrive or the altcoins will surge again. When the bull run begins, a pullback here would be a good time to pile more shitcoins for the next outing.

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4 years ago in #bitcoin by coinratecap (38)

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