All eyes may be on Bitcoin (BTC), but other crypto assets have seen their fair share of gains since the start of 2019, sparking calls that what is known as “altseason” is here. This would seemingly be the case. Binance Coin recently surpassed its all-time high, in a brutal bear market no less, as Litecoin has rallied by over 200% since December’s low. Cardano, Ethereum, Tezos, and Basic Attention Token are among other prominent cryptocurrencies that have also seen jaw-dropping gains in the past 90 days.
And as Fundstrat’s Tom Lee explains, one of the “pre-conditions” for historical altcoin rallies has recently come to life in the current cycle. This precursor, for those unaware, is a drop in the correlation between the crypto asset class at large and Bitcoin itself.