August started with massive BTC dumps and just as always, alt coins are being slaughtered. You're probably used to this playbook aren't you? Yes, this is all we've experienced from the beginning of the year: massive BTC dumps and alts dump even hardly and does not even recover 100% of the dump till another dump happens.
On second thought, July, aside from January, is the month with the highest crypto gains for the year. I could be wrong, but I believe this is the case, and I was not expecting the pump to continue without some minor corrections.
However, this does not feel like a minor correction, and the FUD is back in full force, with people becoming scared and pushing various agendas based on what they believe is happening.
Agendas cause people to become overly excited or scared. For example, during the Ethereum pump in July, many people were already saying "send it to 10k." While Ethereum can easily reach 10k very quickly, I thought it was too soon for that to happen in such a short period.
These same people are FUDDING the market by claiming that the bull run has ended, despite the fact that only a week ago they were all saying "send it to 10k". So emotional agenda is something that's popular, people push these agendas when they're either too scared or excessively happy.
Again, this cycle is absolutely one strange cycle, we've had so many things check, except that some key metrics to signal that market is still going to pump has not yet ticked,and this is leading some analyst to think that alt season will probably happen at the beginning of next year.
While it's a logical deduction, it's actually something that has quite happened in the past. The market is dynamic enough to mirror patterns, but not repeat them,but I think these deductions are just logical and sentimental deductions.
However, at this point, everyone is attempting to be logical. I read a post today where someone regretted trusting altcoins and wished they hadn't, but that is how we are; everyone is feeling uneasy about the uncertainty of this bullrun year, and because of the poor performance, we are all just trying to be logical at this point. However, I am not going to buy into the "BTC has destroyed alts" narrative.
while I believe BTC is institutionalized and where the smart money is, I also believe it is a chain that has been difficult to build over the years. However, I agree that "massive overprinting of crypto projects has caused massive dilution in the market."
The reason for this is that the more there is to buy, the less money can flow into different projects. It is been a crazy first eight months of the year, with 99% of people failing to meet their expectations for this market.
It is clear that no one cares when BTC pumps, but everyone feels suicidal when it dumps.
Why?
The dump is a direct impact on alts, and also tells you how much of BTC is mostly institutional money and how the rest is alts. Overall, you would be foolish to ignore what could happen in the next month or two.
Since September is always a dump month, I believe the dumps we have seen at the start of this month will correct in a week or two and the market will regain its momentum.
Interested in some more of my posts
Why Is the grind getting harder?
Monopoly Is the Death of Civilization
Survival: Choas and Scarcity
Crypto: Gut & meaningful Connections
What is the primary barrier to entry in Web3?
What Are Some Things You Should not Do During A Bull Market Year?
