Fundstrat co-founder and head of research Tom Lee says a drop in the correlation between altcoins and Bitcoin indicates that a so-called “alt season” bull run has already begun.
If past is prologue, Lee says crypto assets could be poised for 1,100% gains. He arrives at that number by averaging the percentage gains that alts collectively recorded in the last two altcoin bull runs.
Lee points to the large number of Visa and Mastercard accounts, which still dwarfs the number of active Bitcoin wallets, as a sign that the crypto movement at large still has a lot of room to grow.
2/ past alt-seasons averaged 1,100% gains
Will the next alt-season be as strong as the past? Given there are probably only ~50mm active wallets (vs 5 billion Visa/MasterCard accts), we think crypto still early in the adoption curve. So it should be similar pic.twitter.com/cgTBOHteMT
— Thomas Lee (@fundstrat) April 20, 2019
Right now, the crypto markets are mostly in the green. Bitcoin is up 1.03% at $5,284. Ethereum is up 1.09% at $169.57 and XRP is up 0.91% at $0.3226.
Technical analysts are seeing some bullish signs for Bitcoin and Ethereum, while plotting the short term trajectories of XRP and Litecoin.
Coinspeaker – BTC/USD showing bullish movement on short-term outlook
Blockonomi – ETH bulls in position for fresh increase
FXStreet – ETH/USD eyes bullish pennant breakout
Live Bitcoin News – XRP bulls facing uphill task near $0.3400
Blockonomi – XRP showing signs of renewed buying interest
Ethereum World News – LTC could test $72.00 or $70.00 support level before fresh increase
Crypto Briefing – LTC/USD pair retains bullish medium-term outlook