As Bitcoin Flirts With ATH, Will Its Bull Run Delay Altseason?

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Jamie Dimon, CEO of JP Morgan Chase, may have driven up the price of Bitcoin when he claimed about two weeks ago that it has no intrinsic value. The exact quote given to media outlet Axios was that:

It’s got no intrinsic value. And regulators are going to regulate the hell out of it.

However, there was a big if to that story. Namely that Dimon, a notable Bitcoin skeptic, at the same time had to admit that JPMorgan Chase’s clients are interested, and I don’t tell clients what to do.

Cue Bitcoin investment from Wall Street exploding. At the time of writing, Bitcoin is flirting with its all time high and briefly touched $64,000 overnight.

Underperforming altcoins

Ever since Dimon’s admittance, Bitcoin raced to near its all time high. As the world’s biggest crypto, Bitcoin will thus historically outperform other digital coins until its dominance (it’s share in the total cryptocurrency market capitalization) reaches 48% -50%

This year, during the summer, the price of Bitcoin greatly underperformed altcoins. The best illustration of this was the decline in Bitcoin’s market dominance from 48% to 40%.

Now that Bitcoin is rising again and world media talks of nothing else, investors are clearly moving their money from altcoins into Bitcoin, thus delaying another altseason.

With this knowledge, it will be interesting to note which altcoin is bound to be boosted when Bitcoin races past its all time high and it’s time for some profit taking again. November and December could prove to be very profitable for alts indeed.

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