Bitcoin and cryptocurrencies as a whole have had an excellent past two weeks. Altcoins have performed spectacularly, taking a significant chunk of Bitcoin's dominance. A lot of this comes from smaller altcoins, but plenty of major altcoins are hitting it big too (e.g: EOS).
The general sentiment in the market seems to be much more positive and the decreasing Bitcoin dominance is a sign of risk-on investor behavior. I have mentioned previously that I suspect many investors missed the previous bull run entirely, either due to not knowing about Bitcoin or finding out too late.
This class of investors will most likely drive this run (along with those who did well in the previous run). In terms of whether or not we have moved into an altcoin cycle, it is increasingly seeming like the case. However, Bitcoin dominance fell quite quickly and given the current dominance for smaller altcoins, I think it's possible for a slight rebound in dominance for Bitcoin to around 40% dominance. For now, I'd remain selective on smaller altcoins.
Larger altcoins are still quite behind where they were at their peaks in the previous altcoin cycle (e.g: Ethereum, Ripple, Litecoin), so there might be more opportunities in this group rather than small caps at present time.
I no longer suspect that Bitcoin dominance will rise to 50% (so I'm accepting I was wrong on the peak we'd reach, go ahead and rub it in!). As long as a bull run is in the card, riskier behavior is likely and that means less interest in Bitcoin overall unless it has a major catalyst (e.g: major hard fork like Bitcoin Cash or Segwit2x).
What are your thoughts on the market right now? Do you see us moving into a bull market or is this nothing but a bull trap? Do you prefer Bitcoin or altcoins? Let me know in the comments below. Thank you for watching / reading!
P.S: Video also includes highly requested update on Salt (sold rest of it today) and Polymath (continue to hold despite significant losses against BTC).