{"id":576152,"date":"2024-02-21T20:00:36","date_gmt":"2024-02-21T20:00:36","guid":{"rendered":"https:\/\/wncen.com\/?p=576152"},"modified":"2024-06-11T07:55:33","modified_gmt":"2024-06-11T07:55:33","slug":"altcoin-season-bitcoin-performance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/altcoin-season-bitcoin-performance\/","title":{"rendered":"Is Altcoin Season Upon Us? Here\u2019s What Bitcoin\u2019s Performance Shows"},"content":{"rendered":"

There is reason to believe that the <\/span>altcoin season<\/span><\/a> is imminent based on Bitcoin\u2019s recent price action. Altcoin season is known to be a period when <\/span>other crypto tokens<\/span><\/a> begin to outperform the flagship crypto token.\u00a0<\/span><\/p>\n

Bitcoin To Cool Off For Altcoin Season<\/h2>\n

Crypto analyst Rekt Capital stated in an X (formerly Twitter) <\/span>post<\/span><\/a> that Bitcoin has only one last Pre-Halving retrace before it goes on a parabolic move post-halving. Crypto analyst Sjuul also highlighted in an <\/span>X post<\/span><\/a> how the funding rate is \u201cmildly high\u201d for Bitcoin at the moment, something which hints that a correction was on the horizon.\u00a0<\/span><\/p>\n

Related Reading: XRP Refuses To Back Down As Crypto Analyst Identifies When Price Will Rally To $2<\/a><\/div>\n

With <\/span>Bitcoin<\/span><\/a> likely to face a <\/span>significant correction<\/span><\/a>, this presents the perfect opportunity for altcoins to make a run of their own. Ethereum, the second-largest crypto token by market cap, looks set to lead the pack, <\/span>hitting $3,000<\/span><\/a> for the first time in nearly two years. Meanwhile, some analysts have noted indicators that confirm that the Altcoin season is not far off.\u00a0<\/span><\/p>\n

Crypto analyst Crypto Prof noted that the Gaussian channel on the <\/span>Altcoins chart<\/span><\/a> has turned green after almost 4 years. Also, these altcoins are said to have broken through the previous resistance from the last weekly close. Crypto Prof further stated that the same thing happened in 2016 and 2020, the period in which the Altcoin bull run started.\u00a0<\/span><\/p>\n

Stockmonkey Lizards, another crypto analyst, also <\/span>mentioned<\/span><\/a> on his X platform that the altcoin is close. In the accompanying chart on his post, he highlighted how the altcoin market cap was going to run to $10 trillion from its current market cap of almost $900 billion.\u00a0<\/span><\/p>\n

Investors Increasing Their Risk Appetite\u00a0<\/span><\/h2>\n

On-chain intelligence platform Glassnode<\/span><\/a> noted in a recent report that their Altseason Momentum indicator has shown a \u201cgrowing appetite from investors to move capital further out on the risk curve.\u201d This suggests that crypto investors are more willing to deploy a significant amount of their capital to altcoins in anticipation of greater returns.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Predicts 10X Move For Filecoin (FIL) To $70, But Can It Reach ATH?<\/a><\/div>\n

Interestingly, this altcoin indicator is said to have signalled positive momentum since October 2023 before briefly cooling off during the <\/span>sell-the-news event<\/span><\/a> that occurred after the <\/span>Spot Bitcoin ETFs approval<\/span><\/a>. However, the indicator is once again signalling this positive momentum having been retriggered on February 4.\u00a0<\/span><\/p>\n

Glassnode further revealed that, while Bitcoin dominance remains significant, there are signs that capital is being rotated into other ecosystems like Ethereum, Solana, Polkadot, and Cosmos.\u00a0<\/span><\/p>\n

Data<\/span><\/a> from Blockchain Center also shows that the market is gearing closer to an altcoin season. The altcoin season index currently stands at 61%, with a rise to 75% still needed before it can be said that the altcoin season is in full swing.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC dominance rises above 53% | Source: Market Cap BTC Dominance on Tradingview.com<\/a><\/pre>\n
Featured image from Bitcoinist, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
There is reason to believe that the altcoin season is imminent based on Bitcoin\u2019s recent price action. Altcoin season is known to be a period when other crypto tokens begin to outperform the flagship crypto token.\u00a0 Bitcoin To Cool Off For Altcoin Season Crypto analyst Rekt Capital stated in an X (formerly Twitter) post that Bitcoin has only one last Pre-Halving retrace before it goes on a parabolic move post-halving. Crypto analyst Sjuul also highlighted in an X post how the funding rate is \u201cmildly high\u201d for Bitcoin at the moment, something which hints that a correction was on the horizon.\u00a0 Related Reading: XRP Refuses To Back Down As Crypto Analyst Identifies When Price Will Rally To $2 With Bitcoin likely to face a significant correction, this presents the perfect opportunity for altcoins to make a run of their own. Ethereum, the second-largest crypto token by market cap, looks set to lead the pack, hitting $3,000 for the first time in nearly two years. Meanwhile, some analysts have noted indicators that confirm that the Altcoin season is not far off.\u00a0 Crypto analyst Crypto Prof noted that the Gaussian channel on the Altcoins chart has turned green after almost 4 years. Also, these altcoins are said to have broken through the previous resistance from the last weekly close. Crypto Prof further stated that the same thing happened in 2016 and 2020, the period in which the Altcoin bull run started.\u00a0 Stockmonkey Lizards, another crypto analyst, also mentioned on his X platform that the altcoin is close. In the accompanying chart on his post, he highlighted how the altcoin market cap was going to run to $10 trillion from its current market cap of almost $900 billion.\u00a0 Investors Increasing Their Risk Appetite\u00a0 On-chain intelligence platform Glassnode noted in a recent report that their Altseason Momentum indicator has shown a \u201cgrowing appetite from investors to move capital further out on the risk curve.\u201d This suggests that crypto investors are more willing to deploy a significant amount of their capital to altcoins in anticipation of greater returns.\u00a0 Related Reading: Crypto Analyst Predicts 10X Move For Filecoin (FIL) To $70, But Can It Reach ATH? Interestingly, this altcoin indicator is said to have signalled positive momentum since October 2023 before briefly cooling off during the sell-the-news event that occurred after the Spot Bitcoin ETFs approval. However, the indicator is once again signalling this positive momentum having been retriggered on February 4.\u00a0 Glassnode further revealed that, while Bitcoin dominance remains significant, there are signs that capital is being rotated into other ecosystems like Ethereum, Solana, Polkadot, and Cosmos.\u00a0 Data from Blockchain Center also shows that the market is gearing closer to an altcoin season. The altcoin season index currently stands at 61%, with a rise to 75% still needed before it can be said that the altcoin season is in full swing.\u00a0 BTC dominance rises above 53% | Source: Market Cap BTC Dominance on Tradingview.com Featured image from Bitcoinist, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":576168,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[85876,5651,3],"tags":[134,138,142,89606,428,656,84627,1119,1144,78790],"class_list":["post-576152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin","category-bitcoin","category-news","tag-altcoin","tag-altcoin-news","tag-altcoins","tag-altcoins-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-performance","tag-btc","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nIs Altcoin Season Upon Us? 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His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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