Rektember Alts Update
We were promised by the influencers an amazing bull run for alts, everything will just go up they said and you will make bank! It has done it twice before, so it will do it again.. alas that doesn't seem to have been the case so far. All those who piled into alts hoping to rotate and have more sats later have so far been decimated.
This chart courtesy of Mark Harvey/Coinmetrics seems to tell the story, as goes ETH, goes the altcoin market. Will we see a $13000 ETH? I am not betting on it myself. There seems to be maximum fear in the market if there will be another alt bull run and also the number of alt coins has totally exploded crowding the market so to say, making picking winners harder.
But there has been an alt coin bull run, but it seems to be mostly meme coins that have managed to outperform Bitcoin.
This table courtesy of Murad, shows 42 tokens that have beaten Bitcoin 2024 YTD! Do you have any of them?
I am lucky to have 2 from the list with KAS and ALPH. Although the returns are nothing special, it is nice to get something on the list! Both tokens don't seem to be building anything too much though, so I am not hopeful long term! I am looking forward to kicking them to the side in the next few months.
Other alts that I have discarded after losing faith have been ETH, ARB and MATIC (now POL). Whilst I don't think SOL is a replacement completely for ETH, it is much better to use than the ETH/Metamask combo.
Other disposals have been WAXP. Despite having a nice little pump to $0,08, I still managed to not sell the top and instead make a loss. I really like the smart contracts, ease of use and NFTs on Wax, so I was happy to hold for a while. However, lots of projects on Wax seem to have died and the activity dried up. The token is nearly 99% from its ATH and I doubt it will ever come back!
I have cut back on my Hive stack earlier in the year when there were no changes to DHF spending. I suffered some losses here but it could have been much worse if I had waited until the price fell to the current levels.
Tokens that I have added have been LTC and RVN. Mostly just to play with. I quite like proof of work tokens and although I don't expect them to do anything, maybe they will hold some of their value from these lows? LTC is the old boy that is somehow still around and RVN a little newer.
Popular areas seem to be DeFI or AI. So far I didn't see anything that looked interesting to me when you can just buy some SOL and get a return without lots of work and risk.
When looking at other proof of stake chains that you think might be interesting, you then check the unlock schedule and see that week after week there are huge unlocks happening like on SUI or APTOS that have stopped me buying any.
With Uptober fast approaching, there are high hopes of some fireworks and the long awaited alt bull season to really start. Are you positioned ready? My alts portfolio has just been shrinking and losses piling up, lets hope Uptober can reverse the trend!
Over to you Fred...
Please note none of this is financial advice.
Thanks for reading.
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Wouldn't that be funny if we ended up just going right back to the bear? I think I would pull what's left of my hair out. I should have dumped most of my WAX when it was up around $.90, but I didn't. I don't expect any of the tokens I am holding to do much of anything this time around.
I wish I had done the same with my WAX, at least it would have been something! But who wudda thought the alt season would be such a nothing burger so far?!
I do hope we don't go back to the bear, that would really put a dampner on things 😅
To be fair, WAX is still plugging away and building a lot of good things. I think we just need some overall renewed enthusiasm for all things crypto. It's hard to tell what's going to happen when the bull market finally does get here.
True, NFTs seem to have lost interest, so I am not sure what will get us excited this time around?!
I think they still have a use beyond the novelty. We just need to find a path forward with it.
Alts have been brutal yea, we will see if they will rally again in 2025 or eoy, if all are selling them at the low they will probably pump. I got into PEPE from the bottom of a ih&s and caught FLOKI and only FET's 3rd wave for 5x, waiting for 5th elliot wave. LTC/BTC maybee soon time, usually every 2 years it gets a small pump :)
Nice moves with PEPE and FLOKI! I regret not pulling the trigger on WIF when I first saw it!! haha It will be a make or break quarter for sure!
Yea all depends on BTC i guess, hopefully it will get its 5th wave then alts will, if not we fckd :p
Fingers crossed!!
🤞🙏
I am waiting for 918.75K O Block
Ah never seen, at what date is that roughly?
I think October 2025!
Thank you
It's not a financial advice but it worth adhering to
You are right, thank you
As DHF not cutting back on their spending, regrettably it's a political stuff. I have someone message me and letting me in on something I find very unappealing, which I wouldn't want to share. I honestly think we have to start addressing all that bleeding by value plan and all that.
As for the general alt market, most influencers are just trying to farm engagement. The market seems to have a voice of it's own
Yes, sadly we need to trust that they will reduce spending, but no one wants a pay cut.
I think you are right about influencers as the price is the main signal usually that I trust!
We will see what the wonderous month of October really brings.... 13K ETH, probably not, but I'm hoping we'll see some recovery all around. Especially here on Hive!
Yeah, I have high hopes for a nice turnaround in Uptober! 😀😎
I've given up all my hopes for alt Szn.
Even if it happens, it'll be very selected few altcoins with utility or some VC's backed pump and dump..
Unlocks shouldn't matter if it was really a bull market but now everything is different from last cycle.
Don't think uptober will be really a good month because everyone is expecting it'll be a month where they'll make generational wealth but imo, we'll experience the September pain in first week of October before uptober...as long as people have hope, there's no way market will bottom
I think you could be on to something there in both points. Definitely if we expect Uptober, means we get the opposite!!! 🫣
Really everything hangs on Bitcoin and if retail will ever come again!?
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@mypathtofire! @dmhafiz Totally agrees with your content! so I just sent 1 IDD to your account on behalf of @dmhafiz.
Interesting table. I have PEPE! Lol! But it's just a token amount, for the fun of it!
No harm in stacking a few alts/memecoins in case they moon! LOL
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