Bitcoin is 10% away from new ATHs.
> "nobody cares because everyone is in altcoins"
well, you absolutely should care.
even if your portfolio consists of 100% altcoins, or even if you're 100% sidelined in cash, you should be rooting for green candles on
$BTC
the typical Altcoin vs. Bitcoin dynamic is:
Bitcoin runs hard into price discovery, and then liquidity trickles down.
think of assets as vehicles; we're all just trying to get to our end destination
Bitcoin is a Lamborghini, and Altcoins are a Honda Civic
but if Bitcoin gets stopped at a red light, I'm going to look at what other vehicles are still progressing towards my destination
which explains how when Bitcoin momentum stalls after a large rally into price discovery, altcoins typically catch a bid thereafter.
so back to reality and away from my corny analogy:
Bitcoin runs hard -> Alts play catch-up
I discussed this dynamic heavily in late October / Early November of 2024
I proclaimed that Alt-SZN was among us already, and that nobody realized it yet
the bet was: that dynamic would play out, the same way it always has, historically
and it did.
in just 2 months:
$DOGE pulled a 300% move.
$XRP broke out of a 2yr range and rallied 500%,
$ONDO rallied 250%, and hundreds of coins across the board followed their lead, and rallied 100-150%
and the criticism I received was: "that's not alt-SZN"
and ironically, that criticism was correct.
It was NOT Alt-SZN. It was only a taste of what Alt-SZN is like; if you've experienced an Alt-SZN before, you know that it was the above description, times 10, and on steroids.
and obviously, most of those rallies across the board were largely, or even fully (in most cases) retraced.
so admittedly, I was wrong.
but the dynamic held true, is my point.
so if you want another shot at an environment that is even somewhat reminiscent to Alt-SZN, chances are you're largely reliant on that dynamic to play out once again.
so yes, you absolutely should care that Bitcoin is only 10% away from potentially another leg upwards into new ATHs once again
because the alternative is more than likely: altcoins follow Bitcoin's lead, but to the downside, and even though some are down -90% already they go down another -90%
green candles on the Alpha asset are your friend; even if you don't own that asset.