Since Bitcoin broke above its peak at USD 20,000 and roared another $ 20,000, altcoins have awakened from their long crypto hibernation. Ethereum hit a new record, and now tokens are starting to track in the market.
Further confirmation that a altcoin season has finally arrived, is cemented by searches for “buy crypto” suddenly beating similar searches for “buy Bitcoin” on Google Trends. This is why this is happening and why this is just the beginning of it altcoin tree.
Google Trends data shows interest is moving away from Bitcoin
Once upon a time there was only Bitcoin. After Satoshi Nakamoto’s creation began to catch wind, like-minded developers set to work bringing their own vision of blockchain and cryptocurrency to the world.
According to CoinMarketCap, more than 8,000 recognized altcoins are currently being traded. Apart from Bitcoin, Ethereum is at the top altcoin. Investors are now looking at assets beyond the top two, according to Google Trends.
Related reading | Altcoin Expert: Buy Crypto That Holds Up During Bitcoin Breakdown
Searches for "buy crypto" are now beating "buy Bitcoin | Source: Google Trends
Now “buy crypto” dominates the most dominant cryptocurrency based on market capitalization in searches according to the the tracking statistics of the search giant.
Google Trends for Bitcoin starting to decline itself could even have acted as a preventive indicator because of his withdrawal. And now that ‘buying crypto’ is flourishing outside of interest for Bitcoin, could this also be an indication of what’s to come?
Be careful when you “buy Crypto”, Altcoins carry a significant risk
The allure of looking for the next “Bitcoin” and not having to pay $ 42,000 a mint is a powerful motivator. During the last altcoin season crypto assets moving up 1,000% or more in one day was not uncommon. The money earned brought in thousands of speculators, who flocked to exchanges such as Binance, Coinbase and more.
For those considering rolling the dice on altcoins in the market outside of Ethereum, you should definitely have a strategy in mind. While the peak of the current frenzy may be nowhere near, they are often only recognized afterwards.
Litecoin, for example, remains down nearly 70% from its peak, almost four years later | Source: LTCUSD on TradingView.com
Those who bought into the final stage of FOMO stayed in their hands for three years or more with heavy and expensive bags. Many altcoins, while recently exploding in ROI, still remain low from their past all-time highs. Even assets like Ethereum that have value and are widely used have only just risen their heads above previous records.
Related reading | Here is the line separating Bitcoin dominance from the Altcoin season
The risk in the general market is currently high because of the face between Main Street and Wall Street, and supervisors can act as referees. The reaction this could trigger could be especially detrimental to speculative assets such as altcoins, so “buy crypto” with caution.
Featured image from Deposit Photos, Charts from TradingView.com