Because Bitcoin – I don’t own ANY Bitcoin anymore, here’s why (29.05.2024 Summary)

Because Bitcoin – I don’t own ANY Bitcoin anymore, here’s why (29.05.2024 Summary)

I Don’t Own Any Bitcoin Anymore, Here’s Why by Max

🫳 According to Max from Because Bitcoin, there is not a strong justification from a trader’s perspective to hold any Bitcoin at this phase of the cycle based on historical trends.

🪙 Max explains that once Bitcoin finally gets back above its previous cycle all-time high price, it has historically seen big gains, going up around 250% in the last cycle. However, Ethereum (ETH) and especially smaller altcoins have dramatically outperformed Bitcoin during these periods.

📈 In the 2016-2017 and 2020 cycles, when Bitcoin passed its prior all-time high, a metric called “Others Dominance” spiked aggressively. This represents the percentage of the total crypto market cap made up of mid and small-cap altcoins outside the top 10 by market cap.

🤼 Max shows that in 2016-2017, Others Dominance went from under 2% to peak at 12.5%, meaning altcoins stole significant market share from Bitcoin and Ethereum. The “Others” altcoin basket itself rallied over 32,000% from low to high!

💪 In 2020, Others Dominance climbed from 5.5% up to nearly 20%, while the altcoin basket gained over 1,300%.

Max believes we are now entering a similar phase where Ethereum will dramatically outperform Bitcoin, followed by explosive altcoin rallies and surging Others Dominance as traders rotate into higher risk assets.

For this reason, as a trader focused on maximizing gains, Max has exited all his Bitcoin holdings in favor of holding Ethereum and altcoins to capture potential windfall profits in the coming “altseason.”