Bitcoin and many other major cryptocurrencies that have been trading sideways for months have caused investors to look at alternatives, especially low-volume altcoins with huge potential. Bitcoin domination has dropped from 70% to 62% in the past few months and has created the proper ground for altcoin mobilization.
Altcoin Rally Gained Speed
We see many altcoins that have risen to all-time highs after explosive gains. The latest example is Elrond, with an increase of 3.300% in the last 4 months. Elrond fell to $ 0,0007 on March 17, and rose to $ 0.016 a few days ago. Elrond experienced a huge bull run that put it in the top 50 on Coinmarketcap with a market value of over $ 220 million.
Elrond isn’t the only cryptocurrency that has had big bull runs, but many DeFi projects have been getting a lot of attention lately. Another noteworthy example, Compound (COMP), listed on Coinbase and FTX, rose to $ 349 with a market value of $ 900 million just a few days after a starting price of $ 71.
Obviously, among other reasons, thanks to the low volatility of Bitcoin, altcoins are sailing, so is it possible to guess which altcoin to pump?
According to Jimmy Song, Normal People Have No Chance!
Recently, developer and entrepreneur Jimmy Song stated that it would be useless to try to guess the next big coin. Song also explained who should think about who will win when there are many traders who are masters of the business.
Looking for the next altcoin that will pump is a zero sum game. You’re trading against lots and lots of people that know what they’re doing. Who do you think is going to win?
Your greed is their yield.
— Jimmy Song (송재준) (@jimmysong) July 18, 2020
While many agree with Song, others criticize him strongly, arguing that cryptocurrencies are really the best for such speculative games. One thing is true, the cryptocurrency market is a zero-sum game. Because for any winning trader, someone else must lose.