Willy Woo, a popular cryptocurrency analyst
On the 26th, Woo expressed his opinion on X (formerly Twitter) that "Since the 2017 altcoin bubble, the altcoin season will be weaker with each cycle."
He explained this view by referring to 2017, the year the initial coin offering (ICO) boom began. ICOs are a method of raising funds for projects by selling cryptocurrency.
However, Willy Wu said, "Even after the price of Bitcoin rose, investors continued to pursue profits on the higher risk curve, and small and medium-sized virtual currencies were clearly
"It will be pumped to $100,000," he said, clarifying that this does not mean there will be no altcoin season.
Traders generally expect the Bitcoin Dominance Index to peak
Wait for the signal and then start moving capital into altcoins. According to TradingView data, Bitcoin's dominance index is at 59.31%, which is higher than some analysts predict.
They believe that at this point capital will begin to flow into altcoins. Willy Woo believes that the current altcoin cycle is linked to meme coins.
"This is a mockery of the cryptocurrency market," he said. Wu called altcoins "just honest bubble casinos that don't even have the pretense of trying to create world-changing technology."
" and advised his 1.1 million followers to avoid long-term positions in altcoins. He said: "Never hold altcoins for the long term unless you're an insider.
"Like a casino, coins are an insider game where ultimately the house wins," he said, warning that "altcoin market cap reflects the winners and does not include failing tokens."
2024/10/28 17:14 KST
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