Published via Ecency

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.

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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.

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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...