Plenty of crypto analysts have been predicting an “altcoin season” that may roughly coincide with the 2021 holidays.
Some of the factors are technical. Those who track such things have reported that some large bitcoin addresses sold to help spur the recent 10-plus percent dip in bitcoin.
Those whales may well be buying back the dip. That, along with more attractive prices to newer investors, will likely create new upward momentum for the “king crypto.”
Many altcoins went lower with bitcoin, and bargains might exist there as well.
Institutional investors have some current favorites in their portfolios, according to Mesari Research.
Other than Bitcoin and Ethereum, Solana, with a market valuation of $68.21 billion, was the victor among the top crypto assets, in institutional portfolios.
Polkadot (DOT), Avalanche (AVAX), and Terra (LUNA), with market capitalizations of $40.91 billion, $21.06 billion, and $19.15 billion, respectively, followed.
Paypal also recently may have tipped its hand regarding specific crypto interest.
Senior VP Jose Fernandez da Ponte recently commented that the company is tracking cryptos including Ethereum, Solana, Polkadot and Algorand.
But besides technical analysis and hard info about investor trends and sentiments, there’s another reason why the crypto sector may be in for an “altcoin season” boost.
Simply put, people are tired of COVID, and crypto is likely to be a hot topic around family dinner tables this Thanksgiving. It may work hand-in-hand with the price of turkey and fixin’s, and gas and heat, and housing and cars and everything else.
Inflation is the very unwelcome guest at dinner in America in 2021. And with President Biden’s “Build Back Better” showing that government can’t or won’t stop the stimulus gravy train, the lure of staying ahead of the inflation monster with cryptos will be too good to pass up in conversation.
And like a tantalizing pie, Americans may be passing around advice, telling each other about their favorite exchanges, crypto projects, and DeFi lending protocols.