I see consolidation following a high volume bullish break out from a six month long falling wedge.
Bullish as hell on $crypto and $ALTSpic.twitter.com/kkqdnFBzhN
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None of this is rational except for when you consider the fact that there are powers that be holding large amounts of illiquid tokens. They need to exit and need to cause a pump for this to happen. Alts were insanely overvalued in April, yet they still doubled in value.pic.twitter.com/7wA08QjImE
I'm also not saying that $ALTS are bottomed or cannot go lower.
What I am saying is that there is a high likelihood of them undergoing another mini cycle of mark up, distribution, and mark down, in the near future.
Taking the MC of each alt on face value is incorrect. It's been shown that the true MC is about 1/50th of what you see on coin market cap. The way their value is determined on CMC etc is flawed. The real liquidity and $ value in these assets is far lower.
agreed, hence I noted “even nominally”
Yeah I got ya, still hard to say X is overvalued at >100bn - even if value is invalid. Every asset in a bubble is overvalued, but we cant quote CMC MCs as a source of actual value and compare to other markets. Personally, I think the true madness is yet to come. Then 99% to 0.
the true madness is yet to come... in 2021
Potentially.. Novogratz has 2020 as 1999 parallel, could be right.
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