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Bloomberg: Crypto Market Faces "Alt Season" Headwinds
BlockBeats News, July 25th, according to Bloomberg, for most seasoned crypto traders, the "Altcoin Season" is almost a routine cycle. First, Bitcoin rises, sparking renewed interest in the digital asset market. Funds flow into this dominant cryptocurrency, while interest in "altcoins" gradually diminishes. Traders start looking elsewhere for higher returns, leading to new stories and narratives. Subsequently, funds rotate into lagging coins, bringing about outsized gains, a phenomenon that led speculators to coin the term "Altcoin Season" during the 2017-2018 bull market.
On July 14th, fueled by "Crypto Week" enthusiasm, Bitcoin reached a new all-time high before entering a narrow trading range. Key figures in the digital asset space and investors hailed Ethereum's breakout and the rebound of the long-suffering NFT sector as a turning point. However, this cycle has been more sporadic in nature rather than a broad-based altcoin boom. XRP surged over 60% since early July but retraced 11% on Wednesday.
Many of the most popular altcoins fall into a category known as "low float, high fully diluted valuation (FDV)" tokens. These tokens typically have high FDVs in the billions of dollars, but a closer look at their token distribution reveals that only a small portion of tokens are freely tradable.
This often makes these tokens more susceptible to market manipulation. These factors typically come into play in the late stages of a typical altcoin season—when speculation peaks, market exhaustion sets in, and prices often see a reversal. Although most crypto traders can now easily identify this pattern, hope still persists.
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