Investors are expecting more rise in Bitcoin and altcoins, which have made a good start to 2023.
At this point, Yann Allemann, co-founder of Blockchain analysis platform Glassnode, evaluated the performance of BTC and altcoins.
Drawing attention to the relationship between BTC and altcoins, Allemann said that the performance of altcoins is not good enough as Bitcoin continues to outperform in the short term.
Stating that he does not expect a rise in altcoins in the medium term, Glassnode co-founder added that altcoins have a long way to catch the rise in BTC.
Finally, Yann Allemann, who advises investors waiting for a rally in altcoins to be patient, stated that there is a little more time for the altcoin bull season.
“Yesterday, Ethereum (ETH) made gains and once again closed $1.9k.
However, altcoins are still not performing well enough as Bitcoin continues to outperform in the short term.
In the medium-term framework, altcoins are bottoming out and they still have a long way to go to catch up with BTC.
Be patient, altcoin season will begin when the time comes.”
Altcoins hanging there📈
🔷Yesterday ETH also gained gains, closing in on $1.9k once more, but not good enough as BTC keeps outperforming in the short term.
🔶In the mid-term framework, altcoins are bottoming out and still have a long way ahead to catch up with BTC.
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) July 13, 2023
*Not investment advice.