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Crypto trader Willy Woo asserts that the spectacular gains seen in the altcoin market may not last, warning that each season of altcoin growth has been less pronounced than before. He suggests that “memecoins” are currently dominating the altcoin field, despite being seen by some as more of a joke. Some analysts believe the much-awaited altseason will commence when Bitcoin’s price surpasses $80,000. With Bitcoin’s current market dominance at 59.31%, it is just below the 60% tipping point predicted to trigger a flow of money into altcoins.

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Crypto altcoin seasons will most likely continue to pop up, and this is great news for those who love betting on different cryptocurrencies. But a crypto expert warns the giant returns we’re seeing now might not last forever, especially as the market continues to mature and stabilize.

According to crypto trader Willy Woo, the epic altcoin burst in 2017 was the peak, and each altcoin season since has been a little less exciting. This doesn’t mean we won’t see altcoins taking off when Bitcoin’s price spikes – in fact, he fully expects middle and low-cap cryptocurrencies to head for the moon when Bitcoin heats up, as risk-loving investors chase the hopes of bigger profits.

Traders often use Bitcoin’s dominance – that’s how much of the market Bitcoin holds compared to other cryptocurrencies – as a guide on when to shift investments into altcoins. Right now, Bitcoin’s dominance is 59.31%, just below what some experts predict is the tipping point of 60% for money to start flowing into altcoins.

In the current altcoin wave, Woo believes it’s all about memecoins, which he sees as more of a joke than anything else. These views go against those of Mati Greenspan, the founder of Quantum Economics, who recently said that the future of cryptocurrencies will be all about Bitcoin and related projects.

Woo also warns folks not to get stuck on altcoins, saying it’s like a casino where the house always wins, unless you’re an ‘insider’ who really knows what’s going on. He further advises remembering that the altcoin market cap only shows the ‘winners’ – failed tokens aren’t included in the count.

There’s a lot of speculation about when altseason will finally kick off for sure. Some traders believe it’ll only happen when Bitcoin fetches a price even higher than its current all-time high of $73,679, reached in March. But according to analysts at the crypto investment firm Hashkey Capital, we’re more likely to see altcoin season when Bitcoin’s price surpasses $80,000.

Source: Cointelegraph