{"id":666712,"date":"2024-12-24T11:30:30","date_gmt":"2024-12-24T11:30:30","guid":{"rendered":"https:\/\/wncen.com\/?p=666712"},"modified":"2024-12-24T10:53:44","modified_gmt":"2024-12-24T10:53:44","slug":"altcoin-season-bitcoin-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/altcoin\/altcoin-season-bitcoin-price\/","title":{"rendered":"Is Altcoin Season Here Already? VanEck Answers As Bitcoin Price Struggles Below $100,000"},"content":{"rendered":"

The recent Bitcoin price action<\/span> has been marked by a correction <\/span><\/a>from its all-time high of $108,135 achieved just a week ago. Although Bitcoin has largely held up above the $90,000 mark, the correction has seen the cryptocurrency falling to as low as $92,500 in the past 24 hours. This decline has not only shaken confidence in Bitcoin\u2019s immediate trajectory but has also turned attention toward the altcoin market.\u00a0<\/span><\/p>\n

Although the altcoin market <\/span>has also mirrored this trend<\/span><\/a> of Bitcoin’s price correction, many investors and analysts are expecting an altcoin rally very soon. VanEck weighed in on this expectation with a confident declaration on the social media platform X. According to the investment firm, the crypto industry is currently in an altcoin season that started on November 27.<\/span><\/p>\n

Altcoin Season Is Here Already\u2014VanEck<\/h2>\n

Bitcoin, the leading cryptocurrency, has <\/span>struggled to maintain its price momentum<\/span><\/a> above the $100,000 mark, raising questions about where the market might head next. While many Bitcoin proponents are <\/span>expecting a renewed surge in 2025<\/span><\/a> with the incoming Trump administration in the US, other crypto analysts <\/span>are turning to the altcoin market<\/span><\/a>. Interestingly, <\/span>analysts at VanEck suggest<\/span><\/a> that the current crypto environment may favor altcoins against Bitcoin.<\/span><\/p>\n

Related Reading: XRP Price On Its Way To $10 In Only 3 Months If It Follows This Pattern<\/a><\/div>\n

Matthew Sigel, head of digital research at VanEck, elaborated on this phenomenon, explaining that Bitcoin\u2019s dominance in terms of market cap, liquidity, and volume often lays the groundwork for altcoins to outperform. According to Sigel, as capital flows into the market, risk-on sentiment tends to boost nascent crypto applications, particularly those in decentralized finance, gaming, and NFTs, which in turn allows the altcoin market to outperform Bitcoin.<\/span><\/p>\n

VanEck\u2019s outlook on the altcoin season also highlighted data from Artemis\u2019s Altcoin Season Index, which measures how many of the top 50 altcoins outperform Bitcoin over a 90-day period. According to this index, which ranges from a value of 0 to 1, the altcoin season starts with a reading of 0.6. At the time of writing, the index is currently well above this level, having recently reached 0.8. This suggests that the crypto industry is currently in an altcoin season where profits taken from Bitcoin will start to flow into top altcoins.<\/span><\/p>\n

\"Altcoin
Source: X<\/figcaption><\/figure>\n

Diverging Views On Current Metrics<\/h2>\n

Interestingly, Artemis\u2019s Altcoin Season Index differs from more conventional metrics, such as those provided by CoinMarketCap. CoinMarketCap defines an altcoin season as a period when 75% of the top 100 altcoins outperform Bitcoin over the last 90 days. By this measure, the index currently sits at 51, though it peaked at an impressive 87 on December 4.<\/span><\/p>\n

Related Reading: Dogecoin Price Roadmap To $0.75 ATH: Why The Next Wave Is Bearish And Could Drop To $0.15<\/a><\/div>\n

Nonetheless, many market participants are anticipating an altcoin season, with many betting on the overperformance of many top altcoins against Bitcoin. According to a recent technical analysis by crypto analyst Captain Faibik, altcoin season has officially begun.\u00a0<\/span><\/p>\n

\"Altcoin
Source: X<\/figcaption><\/figure>\n

\u201c$BTC (Dominance) Rising Wedge Breakout + Retest confirmed! \u2705\u00a0 \u00a0<\/span>#Altseason has officially begun\u2014get Ready for the ride! \ud83d\ude80\ud83d\udcc8,\u201d <\/span>he said.<\/span><\/a><\/p>\n

\"Altcoins
Altcoin market cap drops to $1.36 trillion | Source: Crypto Total Market Cap Excluding BTC from Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The recent Bitcoin price action has been marked by a correction from its all-time high of $108,135 achieved just a week ago. Although Bitcoin has largely held up above the $90,000 mark, the correction has seen the cryptocurrency falling to as low as $92,500 in the past 24 hours. This decline has not only shaken confidence in Bitcoin\u2019s immediate trajectory but has also turned attention toward the altcoin market.\u00a0 Although the altcoin market has also mirrored this trend of Bitcoin’s price correction, many investors and analysts are expecting an altcoin rally very soon. VanEck weighed in on this expectation with a confident declaration on the social media platform X. According to the investment firm, the crypto industry is currently in an altcoin season that started on November 27. Altcoin Season Is Here Already\u2014VanEck Bitcoin, the leading cryptocurrency, has struggled to maintain its price momentum above the $100,000 mark, raising questions about where the market might head next. While many Bitcoin proponents are expecting a renewed surge in 2025 with the incoming Trump administration in the US, other crypto analysts are turning to the altcoin market. Interestingly, analysts at VanEck suggest that the current crypto environment may favor altcoins against Bitcoin. Related Reading: XRP Price On Its Way To $10 In Only 3 Months If It Follows This Pattern Matthew Sigel, head of digital research at VanEck, elaborated on this phenomenon, explaining that Bitcoin\u2019s dominance in terms of market cap, liquidity, and volume often lays the groundwork for altcoins to outperform. According to Sigel, as capital flows into the market, risk-on sentiment tends to boost nascent crypto applications, particularly those in decentralized finance, gaming, and NFTs, which in turn allows the altcoin market to outperform Bitcoin. VanEck\u2019s outlook on the altcoin season also highlighted data from Artemis\u2019s Altcoin Season Index, which measures how many of the top 50 altcoins outperform Bitcoin over a 90-day period. According to this index, which ranges from a value of 0 to 1, the altcoin season starts with a reading of 0.6. At the time of writing, the index is currently well above this level, having recently reached 0.8. This suggests that the crypto industry is currently in an altcoin season where profits taken from Bitcoin will start to flow into top altcoins. Diverging Views On Current Metrics Interestingly, Artemis\u2019s Altcoin Season Index differs from more conventional metrics, such as those provided by CoinMarketCap. CoinMarketCap defines an altcoin season as a period when 75% of the top 100 altcoins outperform Bitcoin over the last 90 days. By this measure, the index currently sits at 51, though it peaked at an impressive 87 on December 4. Related Reading: Dogecoin Price Roadmap To $0.75 ATH: Why The Next Wave Is Bearish And Could Drop To $0.15 Nonetheless, many market participants are anticipating an altcoin season, with many betting on the overperformance of many top altcoins against Bitcoin. According to a recent technical analysis by crypto analyst Captain Faibik, altcoin season has officially begun.\u00a0 \u201c$BTC (Dominance) Rising Wedge Breakout + Retest confirmed! \u2705\u00a0 \u00a0#Altseason has officially begun\u2014get Ready for the ride! \ud83d\ude80\ud83d\udcc8,\u201d he said. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":403958,"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],"tags":[134,138,25731,142,89606,167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-666712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin","category-bitcoin","tag-altcoin","tag-altcoin-news","tag-altcoin-season","tag-altcoins","tag-altcoins-news","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nIs Altcoin Season Here Already? 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is Altcoin Season Here Already? 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