Cryptocurrency analyst Ki Young Ju made some statements about the current altcoin season. The analyst said that besides the rise of altcoins, he expects a decline in some cryptos. Therefore, he claimed that this year’s altcoin season is different from the others. Here are all the details…
Ki Young Ju: This altcoin season will be different
“This altcoin season will not be what you expect,” says Ki Young Ju, a renowned crypto analyst. And this sounds pessimistic. Given the optimistic nature of the current cryptocurrency market scenario, there seems to be no reason for the analyst to express a pessimistic view. Nevertheless, the analyst sticks to his ‘not-so-pleasant’ view. So, should altcoin enthusiasts be worried? One thing everyone agrees on right now is that the crypto market will soon witness an altcoin season. What’s triggering disagreement is this: will all altcoins benefit from this season? Many, like Ki Young Ju, have a depressing view that only a few altcoins will benefit from this altcoin season.
Until recently, the correlation between Bitcoin and altcoins was strong. To prove that the Bitcoin market no longer shares this tight connection with the rest of the crypto market, Young Ju’s main argument is that Bitcoin has created its own paper-based layer 2 ecosystem using ETFs, funds and similar instruments. The general consensus is that altcoins move in tandem with bitcoin. In a weaker correlation scenario, the belief is simply irrelevant. Anyway, the best thing about this new correlation-busting altcoin trend is that it shows the capacity of several altcoins to exhibit independent trends. The crypto expert also recognizes this new trend in the altcoin market.
In the last 30 days, XRP is up by 423%, Dogecoin by 174.6%, Cardano by 272.9%, Avalanche by 115.2%, Stellar by 485.6%, Chainlink by 128.9%, Polkadot by 158.7%, Hedera by 689.4%, Pepe by 143.9% and Cronos by 182.45%.
How will altcoins survive?
There is a way out of this trap for the altcoin market. Young Ju offers two options: Either develop underlying products such as Bitcoin ETFs, or build a real internet monetary system using stablecoins or Bitcoin. The funny thing is that both of these options seem equally difficult. All in all, it’s been a wild ride since November 5, when Bitcoin started its rally during the US elections. But what’s really interesting is that it’s not just Bitcoin, Ripple’s XRP, Cardano (ADA) and Stellar (XLM) are also surging. Their combined market capitalization has reached $3.48 trillion, leading investors to wonder, “Can this rally continue?” But the thoughts of analysts like Ki Young Ju may put the brakes on investors.
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