Bitcoin is unstoppable, what about altcoins?
After almost three years, Bitcoin smashed through its all-time high last week and already gained 111% in this quarter. Many investors are talking about the imminent “altcoins season.” Although it will happen eventually, nobody knows if it will start in one week, one month, or maybe even one year.
99% of institutional investors focus on Bitcoin, which will substantially increase its price in the future. It remains to be seen how this will affect altcoins. As shown in the chart below, they are trailing Bitcoin for now with a gain of “only” 46% in this quarter. We remain heavily overweight in Bitcoin until the technical picture demonstrates the change in trend.
Bitcoin vs. the rest of the crypto market performance (1 Oct 2020 – 21 Dec 2020):