There is no denying that Bitcoin has been on a tear in the past few weeks. Since the beginning of April, the value of one Bitcoin has risen over 60% from around $4100 to over $6700.

Contrarian Crypto

This moonshot in the Bitcoin price has surpassed the expectation of most 'Crypto fortunetellers'.

Most price analysts (both bullish and bearish ones) have seen their predictions of Bitcoin getting rejected at various 'resistance levels' debunked as the price keeps moving up.

Crypto continues to do what people least expect in dramatic fashion; which is why, personally, I give up trying to predict the price.

Decoupled Alts

Over the same period since April, there appears to have been (at least temporarily) a decoupling in price between Bitcoin and the other Cryptocurrencies (for the sake of convenience I'll call them 'Altcoins' in this post).

While Bitcoin goes up in USD terms Altcoins have, not matched its rise.

Depending on the lense through which you look at Altcoins, they have either lost value in BTC or maintained their USD value.

It's all good, isn't it?

Some people are content that they're Altcoins have not lost their USD value.

For me, all I see is my altcoin holdings taking a pounding in this period!

I don't care what the USD value says; they are worth far less in Satoshi terms now then they were in April. That's what counts to me.

The base currency for altcoin is (and has always been up until now) Bitcoin. Looking at the USD price of Altcoins is a bit of a fiction as that will be predominately dictated by Bitcoin.

Whenever I purchase an Altcoin, if I'm not buying it for its utility, I'm making a judgment on how it will perform against BTC. Nothing more. So since April, Alts have been wrecked by Bitcoin!

Glass half full

But I see the other perspective. A lot of people I know in the space, primarily look at the dollar price for Altcoins.

They see, for example, STEEM at 30 cents and wonder what all the fuss was about. STEEM was 20 cents not too long ago and its all time USD low was 7 cents.

I see today prices of 4500 sats as being STEEM's all-time low.

I was around when STEEM was 7 cents, its satoshi value was around 5500 sats.

However because I understand that there is a disconnect between my view on how to value STEEM and how others may value you, I appreciate that the price can go lower still. Squeaky bum time!

Slingshot

However, it is not all necessarily doom and gloom. In the past, we have seen altcoins slingshot off the back of a bitcoin pump. Altcoins tend to dump initially, as some of their holders dump their bags to get onto the BTC train. Then speculation starts on the Altcoins often with spectacular results to the upside.

However as Crypto is a contrarian, therefore, I never take for granted that it will behave in the same way as it has in the past; especially if everyone is expecting it.

Ultimately, we'll just have to wait and see.

In the meantime, I'll enjoy this impressive Bitcoin run, there is never a dull day in Crypto.

_{Image by bitcoin-schweiz from Pixabay}