The Trump pump has been holding on nicely, and it appears to have activated eth from around 2.6k$ to about 3k$, making it the best performing alt at the moment.
The reason I called it the Trump pump is that it appeared to be sponsored by the euphoria of Donald Trump winning the election, which would have been the opposite if he had not won. It is a euphoria pump, and it is probably one of those short-term catalysts that drives up the price.
I think we have all accepted it and are pleased with it. I expected this euphoria pump to fade in a matter of days or weeks, but it has held strong and rallied a few altcoins, most notably Ethereum.
For a long time, we have discussed how alts have lagged. Many touted it as one of such cycles where they wouldn't be an alt season.
Again, it is mostly sentiment and no proof; these are fear-based predictions with no historical evidence to back them up. The standard historical event has always been BTC first, then alts, but now our analysts are making wild predictions.
We did not see these guys in 2017, because the pump we had back then was pretty simple, but 2021 brought in the many moon boys, and since then it is all been bizarre predictions from so-called influencers.
However, let's step away from this, Eth
I was surprised by the significant push that appears to have occurred since yesterday. I have been following the price action for over a week, and believe me, it was a complete crab walk, typical altcoin movement.
When BTC falls, there is a $5 to $10 price increase and a corresponding dip. Although Ethereum has been largely disappointing, let us not forget that it has gone from around the $100 range in the previous cycle to around 2.6k and now 3k USD.
This is not typical altcoin movement; it is retained much of its value from the previous bull run, making it the most valuable altcoin. However, the price action has not been as good, but I believe the ETH run has only just begun after 3k.
However, does this imply that its rise will give way to other alts?
I really can not say
There is a lot of FUD surrounding alts, and psychologically even more because people can no longer wait for alt season, and any single push on BTC and Eth that has no effect on the other alts will create FUD, and more people will begin to believe the narrative that there will be no alt season.
2021 was a good year for cryptocurrency in general; every coin pumped hard, but many people did not make as much money as they had hoped. In reality, people expect more from this cycle; anything less than the previous ATH of most alts would be considered a massive failure.
While we have not seen an underperforming cycle in a long time, at least since 2013.
The fear is that this is the first disappointing cycle we will see.
Again, there are no proofs; these are simply sentiments, most likely due to how things have changed in this cycle. There has not been a complete resemblance from the previous cycle, and this has gotten a lot of people talking.
There are no doubts about BTC; every cycle, the chance that it will perform is certain, and you are almost guaranteed to profit from your investment, but will it be life-changing?
Most likely not, unless you are already wealthy, which is where the alts come in. Unless you are trading and profiting from these pump and dumps, you are most likely also waiting for alt season.
It does not look promising right now, but it is still the Bitcoin show. We have 80k, 90k, and 100k next for BTC, but we are still in the mid-70k range, and even though BTC has repeatedly set new ATHs, we are still a long way from seeing it at 120 to 150k. This is literally twice the current price, and it could take another 6 to 10 months for this to happen.
Interested in some more of my works
