Is this the alt season? This question is now trending after a new research surfaces from the popular multi-asset brokerage and social trading platform, eToro.
eToro mentions that for the most part of the previous year, investing in the top 100 altcoins proved to be a more rewarding venture than in Bitcoins, the leading cryptocurrency in the market.
Explaining the approach further, analysts mentioned that those investors who knew when to swap Bitcoins with altcoins remained in an advantageous position throughout the last year when Bitcoin’s price was shooting up the sky. eToro recently brought out an entire research based on the study of this nuanced distinction between the BTC and Alt season. However, the challenge of investors in this is to identify the beginning of the alt season.
eToro Claims Pinpoint The Alt Season To Make More Gains
What is this alt season? eToro explains that this is the time in the crypto market loop when altcoins surge against the US Dollar and sometimes outperforms promising cryptocurrencies like Bitcoin.
eToro’s research stated investment in altcoins to be more “lucrative” till the 18th of December, 2020. They further stated that those investors who knew the right time to swap Bitcoins with altcoins have been able to double their proceeds in the past year. They explain that investors who, for instance, made the swap twice in 2020, once in May and then in September have seen 3x or 4x gains and sometimes even 7x gains.
The trading platform however, states that marking the alt season from the Bitcoin season might be a difficult endeavor but there are market metrics that investors may use as directives to locate these distinct seasons.
eToro’s claim has the potential to shift the crazy fervor surrounding Bitcoins in the market and point towards other potential points from where investors can make more gains.