As a seasoned crypto researcher with years of market analysis under my belt, I must admit that the current Bitcoin price surge has piqued my interest. However, I remain skeptical about the imminent onset of an altcoin season, even if BTC breaks its all-time high and surpasses $80,000.
According to a cryptocurrency investment company, even if Bitcoin exceeds its existing record high of $73,679, it may not trigger an “altcoin season” (a period when the prices of alternative cryptocurrencies surge).
According to the analysis from Hashkey Capital, there’s a higher likelihood of an altcoin boom if the price of Bitcoin exceeds $80,000.
An 18% Bitcoin price gain could trigger altcoin season
The goal of $80,000 for Bitcoin is approximately 18% higher than its current value of $67,331. Analysts believe that for the altcoin season to commence, the dominance of Bitcoin may need to increase, falling within a range of 62% to 70%.
At present, Bitcoin’s influence stands at approximately 58.94%, having reached a three and a half year peak of 58.77%.
According to some analysts, it’s been a while since we last saw an ‘altcoin bull market.’ In fact, as Michael van de Poppe of MN Trading Capital pointed out in a recent post, this current altcoin bear market has lasted longer than the one that spanned from 2014 to 2016. And here we still are!
Over the last week, several popular meme coins within the top 100 cryptocurrencies based on market value have experienced substantial price increases. This has sparked optimism among investors and traders, leading them to believe that an ‘altcoin rally’ or ‘altcoin boom’ might be approaching.
Altseason might look different this time
As an analyst, I’ve observed remarkable growth in the performance of Goatseus Maximus (GOAT) over the last week, experiencing a staggering surge of 160.13%. Currently, it’s trading at a price point of $0.74.
As a crypto investor, I found myself thriving amidst the canine-like market (MEW) with an impressive 25.58% growth over the past seven days. On the other hand, Popcat (SOL) (POPCAT) also displayed strong performance, registering a gain of 17.13% during the same period.
In August, there were worries that the altcoin season may not proceed as anticipated because some crypto traders had prematurely invested in the most speculative coins at the start of 2024.
James Check, from Glassnode, mentioned that the humor in a particular joke has been exhausted because everyone already knows the ending, so when people skip directly to the punchline, it no longer brings laughter.
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2024-10-24 21:47