{"id":611734,"date":"2024-06-06T09:39:56","date_gmt":"2024-06-06T09:39:56","guid":{"rendered":"https:\/\/wncen.com\/?p=611734"},"modified":"2024-07-10T14:28:32","modified_gmt":"2024-07-10T14:28:32","slug":"altcoins-analyzing-key-signs-for-a-potential-boom-or-bust","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/altcoins-analyzing-key-signs-for-a-potential-boom-or-bust\/","title":{"rendered":"Altcoins: Analyzing Key Signs For A Potential Boom &#8211; Or Bust"},"content":{"rendered":"<p data-sourcepos=\"3:1-3:62\">Among those who follow cryptocurrencies, altcoins are creating a lot of buzz since speculations of a possible Bitcoin break-through abound. Following weeks of slow trade, a recent capital infusion has rejuvenated the king of coins. This begs a serious issue: are cryptocurrencies destined to be left behind or will they ride the wave?<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/avax-primed-to-break-100-barrier-as-bullish-signs-emerge\/\" target=\"_blank\" rel=\"noopener \">AVAX Primed To Break $100 Barrier As Bullish Signs Emerge<\/a><\/div>\n<h2 data-sourcepos=\"5:1-5:33\"><strong>Whispers Of A Bitcoin Bonanza<\/strong><\/h2>\n<p data-sourcepos=\"7:1-7:58\"><span id=\"input-sentence~1\">According to data from <a href=\"https:\/\/farside.co.uk\/?p=997\" rel=\"nofollow\">Farside Investors<\/a>, investor mood has changed significantly. On June 4th, around $890 million went into Bitcoin exchange-traded funds (ETFs), unmistakably indicating fresh interest.<\/span><span id=\"input-sentence~2\"> This increase in purchasing could be a trigger for a wave of speculating and upward movement in Bitcoin prices.<br \/>\n<\/span><\/p>\n<p data-sourcepos=\"9:1-9:294\"><span id=\"input-sentence~2\">Still unresolved, though, is how this increased concentration on <a href=\"https:\/\/www.coingecko.com\/\" rel=\"nofollow\">Bitcoin<\/a> might affect the larger bitcoin market. Strong Bitcoin rallies have historically sometimes been accompanied by altcoin seasons, times when other cryptocurrencies show tremendous expansion.<\/span><span id=\"input-sentence~3\"> But is this different from past times?<br \/>\n<\/span><\/p>\n<h2 data-sourcepos=\"11:1-11:61\"><strong>Altcoin Season: Just Over The Horizon?<\/strong><\/h2>\n<p data-sourcepos=\"13:1-13:39\"><span id=\"input-sentence~3\">Right now, the <a href=\"https:\/\/www.blockchaincenter.net\/en\/altcoin-season-index\/\" rel=\"nofollow\">Altcoin Season Index<\/a>\u2014a gauge of market attitude towards altcoins\u2014is just 35. This is far different from the values of 80 recorded just six months earlier.<\/span><span id=\"input-sentence~4\"> This implies that altcoins are not yet gleaming in the reflected glory of Bitcoin&#8217;s possible ascent.<br \/>\n<\/span><\/p>\n<figure id=\"attachment_611739\" aria-describedby=\"caption-attachment-611739\" style=\"width: 939px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-611739 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/a_27a52e.png?resize=939%2C450\" alt=\"\" width=\"939\" height=\"450\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/a_27a52e.png?w=939 939w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/a_27a52e.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/a_27a52e.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/a_27a52e.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/a_27a52e.png?w=750 750w\" sizes=\"auto, (max-width: 939px) 100vw, 939px\"><figcaption id=\"caption-attachment-611739\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.blockchaincenter.net\/en\/altcoin-season-index\/\" target=\"_blank\" rel=\"noopener nofollow\">BlockchainCentre<\/a><\/figcaption><\/figure>\n<p data-sourcepos=\"15:1-15:279\"><span id=\"input-sentence~4\">Only a few altcoins, according to experts, are likely to beat the market leader even with a Bitcoin boom. The Altcoin Season Index must rise over 75, a mark of general optimism across the whole altcoin community, if we are to really unleash an altcoin season.<\/span><span id=\"input-sentence~5\"><br \/>\n<\/span><\/p>\n<h3 data-sourcepos=\"17:1-17:58\"><strong>Why Altcoins Might Struggle To Shine<\/strong><\/h3>\n<p data-sourcepos=\"19:1-19:333\"><span id=\"input-sentence~5\">The sheer volume of altcoins relative to past cycles also throws off the altcoin season calculation. The altcoin market was a far smaller lake in 2017 and 2021, for example. Bitcoin&#8217;s explosive rise caused investor money to migrate more easily into a limited pool of altcoins, therefore driving notable price gains all around.<\/span><span id=\"input-sentence~6\"><br \/>\n<\/span><\/p>\n<figure style=\"width: 2475px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/DMAaFgqW\/\" alt=\"\" width=\"2475\" height=\"1163\"><figcaption class=\"wp-caption-text\">As of today, the market cap of cryptocurrencies stood at $2.5 trillion. Chart: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p data-sourcepos=\"21:1-21:158\"><span id=\"input-sentence~6\">The scene today is very different. Thousands of altcoins fight for investor attention, hence any gains during an altcoin season could be focused in a small number of highly successful projects, leaving the great majority behind.<\/span><span id=\"input-sentence~7\"><br \/>\n<\/span><\/p>\n<h3 data-sourcepos=\"23:1-23:47\"><strong>Bitcoin Dominance: A Key Indicator To Watch<\/strong><\/h3>\n<p data-sourcepos=\"25:1-25:366\"><span id=\"input-sentence~7\">One other important consideration is <a href=\"http:\/\/One other important consideration is Bitcoin Dominance (BTC.D). This statistic shows the market capitalisation of Bitcoin as a fraction of the whole crypto market cap. Altcoin seasons historically have corresponded with a notable drop in BTC.D. Early 2021, for instance, the coin's dominance level dropped from 70% to 40%, opening the path for a time of exponential altcoin expansion.\" rel=\"nofollow\">Bitcoin Dominance<\/a> (BTC.D). This statistic shows the market capitalisation of Bitcoin as a fraction of the whole crypto market cap. Altcoin seasons historically have corresponded with a notable drop in BTC.D.<\/span><span id=\"input-sentence~8\"> Early 2021, for instance, the coin&#8217;s dominance level dropped from 70% to 40%, opening the path for a time of exponential altcoin expansion.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/altcoin-alert-notcoin-not-poised-for-explosive-growth-analyst-says\/\" target=\"_blank\" rel=\"noopener \">Altcoin Alert: Notcoin (NOT) Poised For 5x Growth, Analyst Says<\/a><\/div>\n<p data-sourcepos=\"27:1-27:276\">BTC.D is currently rising, nevertheless, implying that altcoins are not yet the focus of interest. Investors seeking alternative coin prospects should monitor this indicator closely since a continuous decline in the dominance of the crypto can indicate the arrival of an altcoin season.<\/p>\n<p data-sourcepos=\"27:1-27:276\"><em>Featured image from Indiana Daily Student, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Among those who follow cryptocurrencies, altcoins are creating a lot of buzz since speculations of a possible Bitcoin break-through abound. Following weeks of slow trade, a recent capital infusion has rejuvenated the king of coins. This begs a serious issue: are cryptocurrencies destined to be left behind or will they ride the wave? Related Reading: AVAX Primed To Break $100 Barrier As Bullish Signs Emerge Whispers Of A Bitcoin Bonanza According to data from Farside Investors, investor mood has changed significantly. On June 4th, around $890 million went into Bitcoin exchange-traded funds (ETFs), unmistakably indicating fresh interest. This increase in purchasing could be a trigger for a wave of speculating and upward movement in Bitcoin prices. Still unresolved, though, is how this increased concentration on Bitcoin might affect the larger bitcoin market. Strong Bitcoin rallies have historically sometimes been accompanied by altcoin seasons, times when other cryptocurrencies show tremendous expansion. But is this different from past times? Altcoin Season: Just Over The Horizon? Right now, the Altcoin Season Index\u2014a gauge of market attitude towards altcoins\u2014is just 35. This is far different from the values of 80 recorded just six months earlier. This implies that altcoins are not yet gleaming in the reflected glory of Bitcoin&#8217;s possible ascent. Only a few altcoins, according to experts, are likely to beat the market leader even with a Bitcoin boom. The Altcoin Season Index must rise over 75, a mark of general optimism across the whole altcoin community, if we are to really unleash an altcoin season. Why Altcoins Might Struggle To Shine The sheer volume of altcoins relative to past cycles also throws off the altcoin season calculation. The altcoin market was a far smaller lake in 2017 and 2021, for example. Bitcoin&#8217;s explosive rise caused investor money to migrate more easily into a limited pool of altcoins, therefore driving notable price gains all around. The scene today is very different. Thousands of altcoins fight for investor attention, hence any gains during an altcoin season could be focused in a small number of highly successful projects, leaving the great majority behind. Bitcoin Dominance: A Key Indicator To Watch One other important consideration is Bitcoin Dominance (BTC.D). This statistic shows the market capitalisation of Bitcoin as a fraction of the whole crypto market cap. Altcoin seasons historically have corresponded with a notable drop in BTC.D. Early 2021, for instance, the coin&#8217;s dominance level dropped from 70% to 40%, opening the path for a time of exponential altcoin expansion. Related Reading: Altcoin Alert: Notcoin (NOT) Poised For 5x Growth, Analyst Says BTC.D is currently rising, nevertheless, implying that altcoins are not yet the focus of interest. Investors seeking alternative coin prospects should monitor this indicator closely since a continuous decline in the dominance of the crypto can indicate the arrival of an altcoin season. Featured image from Indiana Daily Student, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":611742,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,428,1119,1144,6664,88164],"class_list":["post-611734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-bitcoin","tag-btc","tag-btcusd","tag-crypto","tag-memecoins"],"acf":[],"yoast_head":"\n<title>Altcoins: Analyzing Key Signs For A Potential Boom - Or Bust<\/title>\n<meta name=\"description\" content=\"Among those who follow cryptocurrencies, altcoins are creating a lot of buzz since speculations of a possible Bitcoin break-through abound. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.\",\"sameAs\":[\"jomarjet01\"],\"url\":\"https:\/\/wncen.com\/author\/jomarjet01\/\"}]}<\/script>\n","yoast_head_json":{"title":"Altcoins: Analyzing Key Signs For A Potential Boom - Or Bust","description":"Among those who follow cryptocurrencies, altcoins are creating a lot of buzz since speculations of a possible Bitcoin break-through abound. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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