we can see in the above chart, XBC has only pumped 2 times in this insane alt run up in the last 3 months. This is pretty strange.
Now, if you've been crying and tearing your hair out and staring at the charts hoping btc stops crashing, then you would've noticed this gem
up +100% WHILE bitcoin crashes. Didn't do it for the may crash, but did it for this one.
and I think this dip was pretty different from the may dip - personally, this one was a LOT scarier than the first. Unbelievable fear was all over the place, even for the experienced traders that've been around for a while. I see people who are certainly better traders than me cashing out parts of their stack. I didn't feel the same fear as I did in may. This one was extremely intense. However, we didn't even crash as hard as the may crash. What gives?
Well, it was due to the increasing frequency of mini crashes since the may crash, and this apparent pattern that has been spreading all over the place. June was pretty bad for me personally as I was holding cripple, and wondering what the hell was going on, where is the expected moon after I bought this major 'dip'.
Now, I think we were just coming to the end of a market cycle. And I think XBC marks the start of a new cycle.
We can see the first time XBC pumped was in march - ridiculous pump, even for crypto. This is also around the time when the alts really started pumping.
Now, after a consolidation period and a bit of a slow few weeks for some major coins (in part due to BTC crashing every other second), we had XBC pump again!
And guess what else happened? Cripple. Or rather, $XRP DIDN'T happen. Everyone and their mothers waiting for XRP to moon and smash a new ATH after a major dip, and XRP just flops every time. However, overall, in the last month, XRP has been overall very flat. In hindsight, this is a clear accumulation period (and correction period - see here for my XRP chart https://www.tradingview.com/chart/XRPBTC...) .
It isn't just XBC either. $Doge is also a marker, I believe, for a new cycle. The recent flash crashes it has undergone happened near the start of the previous round of alt pumps as well.
Just an interesting tidbit I thought I would point out.
Very limited data, but something to look out for in the future if you're feeling despair and pain after bitcoin crashes from 10k to 7k.