An Alt Season Is Upon Us

The weekly gains of alts in the top 100 have been massive while Bitcoin has got stuck under the $12,000 level. It is quite typical for alts to boom while BTC is consolidating. BTC either going up or is often associated with alts going down.

This chart looks very typical of HIVE/STEEM. Explosive growth followed by a slow decline.

Let's see how the price action looked like for STEEM starting from the spring of 2016 when the overall whole crypto space was in the same stage as now:

What's roughly similar is an explosive pump soon after the launch followed by slow decline and a rounded bottom. Another explosive pump followed by a slow decline took place in the summer of 2017. The final small rise in the chart is the beginning of the rise to the all-time high in December 2017.

It seems that the gains are starting to trickle down to the smaller market cap coins.