We are already in March 2021 now, I'm guessing first quarter of the year is almost over, now how many altcoins really benefits from btc hitting 50k ? In 2017 when btc hit 19k all altcoins are pumping like no tomorrow, even shitcoins made incredible bounces but why aren't we seeing such this time around?
Analysts say there are strong signs that the altcoin season is just beginning.
They give the Average Directional Index as the most obvious sign that the altcoin season has not yet begun. ADX is a trend measurement tool that also includes two lines with a directional pointer.
The ADX indicator has dropped below 20, which suggests that the prevailing trend is over and a new trend is emerging.
At the same time, the red DMI has completed a bearish crossover, signaling that sellers already have control - or in this case, altcoins will take over Bitcoin.
