|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Altcoin Season is Coming: Bitcoin (BTC) Steps Back, Altcoins Break Out of Falling Wedge
Sep 26, 2024 at 02:00 am
In recent weeks, many altcoins have started to outperform Bitcoin (BTC). This has sparked speculation that the market could be inching toward the anticipated altcoin season.
Many altcoins have outperformed Bitcoin (BTC) in recent weeks, leading to speculation that the market may be entering the early stages of altcoin season. During this period, altcoins typically experience higher percentage gains compared to Bitcoin, attracting more investor interest and capital flow.
To confirm the start of altcoin season, at least 75% of the top 100 cryptos must outperform the number one coin over 90 days. This has not occurred in the last six months, as Bitcoin’s dominance kept altcoins in the backseat.
However, the altcoin season index has risen from below 18 some weeks ago to 31, indicating an improvement in altcoin performance. This is evident in the performance of cryptos like Sui (SUI), Bittensor (TAO), and Fantom (FTM), among others.
Despite the improvement, it is worth noting that we are not yet in altcoin season. However, Bitcoin Dominance (BTC.D) has declined on the daily chart since September 19.
Additionally, the TOTAL2 chart, which represents the total crypto market cap excluding BTC, has risen nearly 18% since September 7. This disparity in performance aligns with the notion that Bitcoin may be stepping back and allowing altcoins to take the lead.
Furthermore, BeInCrypto observed that the TOTAL2 has broken out of a falling wedge. A falling wedge is a technical pattern formed by two descending trendlines, with one representing the highs and the other the lows.
The breakout from this technical pattern suggests that sellers are losing momentum, while buyers have taken advantage of the seller fatigue. If this trend continues, the altcoin market cap may move toward $1.3 trillion or as high as $1.5 trillion in some months.
Following this development, several prominent crypto personalities have suggested that altcoin season is very close. For example, the Negentropic handle on X, operated by Glassnode and Swissblock founders Jan Happel, Rafael Schultze-Kraft, and Yann Allemann, shares this sentiment.
“Swissblock’s Altcoin Signal is at 53: We’re transitioning into an AltSeason! When BTC breaks over 64.4k, Altcoins will fly. Our framework is flagging beta plays. WIF is strong. it’s up 16%+ today with a beta of 3 to BTC. imagine the move once Bitcoin rips towards ATHs,” said Negentropic.
Another crypto analyst with an optimistic view is Miles Deutscher. According to DeDeutscher, the TOTAL3, which is the market cap of altcoins without Ethereum (ETH), could break out if it escapes rejection.
“Altcoins (TOTAL3) are on the verge of a monster breakout. There’s a chance we reject here, but if we break through – expect fireworks,” wrote Deutscher.
notably, BeInCrypto’s analysis of TOTAL3 shows an increase of almost the same value as TOTAL2. It is also on the verge of breaking above the descending channel on the daily chart.
Should this breakout be successful, then altcoin season may accelerate and truly materialize. However, it is important to keep an eye on Bitcoin’s dominance. If BTC.D recovers and altcoins market cap gets rejected, the projected rally to $1.5 trillion may be delayed.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- SEC Settles With TrueUSD Issuer TrueCoin and Lending Protocol Operator TrustToken Over Alleged Fraudulent Sale of Unregistered Investment Contracts
- Sep 27, 2024 at 04:25 am
- Federal securities regulators have reached an agreement with TrueUSD (TUSD) issuer TrueCoin and lending protocol operator TrustToken to settle charges for the alleged
-
- Hamster Kombat ($HMSTR): A Comprehensive Guide to the Viral Telegram-Based Tap-to-Earn Project
- Sep 27, 2024 at 04:25 am
- Amid much controversy around its airdrop allocation, Hamster Kombat ($HMSTR), a viral Telegram-based tap-to-earn project has finally opened for trading
-
- South Korea Fines Worldcoin $830,000 for Misuse of Personal Data
- Sep 27, 2024 at 04:25 am
- The South Korean Personal Information Protection Commission (PIPC) has imposed a penalty of 1.1 billion won ($830,000) on Worldcoin and its sister organization
-
- SEI Network (SEI) Saw an Applaudable Price Jump, With the SEI Token's Market Cap Cruising Above $1.6B
- Sep 27, 2024 at 04:25 am
- On September 24, the SEI team announced new ecosystem integrations through a post on X. Two yield-generating Liquid Staking Tokens (LSTs), Seiyan ETH and Super Seiyan ETH, developed by Nucleus and Dinero, have successfully entered the SEI ecosystem.
-
- Mawari Network Raises $10.8M to Scale Spatial Computing and XR Experiences
- Sep 27, 2024 at 04:25 am
- Mawari co-founder and CEO Luis Oscar Ramirez told The Block that the fundraising was structured as a simple agreement for future equity (SAFE) with token warrants.
-
- Nervos Network (CKB), Sui (SUI), and Cutoshi (CUTO) – The Altcoins That Are Outperforming The Market
- Sep 27, 2024 at 04:25 am
- Large-cap cryptocurrencies are struggling and facing overall bearish sentiment, but at this time, a few promising altcoins are overperforming the markets, beating all the competition. These altcoins protect investors against drawdowns and give hope to survive in disappointing market conditions.
-
- ORDI Airdrop: Check Eligibility for $ORDI Full guide
- Sep 27, 2024 at 04:25 am
- Obtaining your blockchain $ORDI tokens is painless! Just go through these quick steps and start using your tokens instantly.
-
- Ethena Labs Releases New Fiat-Backed Stablecoin UStb Backed by BlackRock and Powered by Securitize
- Sep 27, 2024 at 04:25 am
- Ethena Labs, operating in the decentralized finance industry, has recently released its latest product. The fiat-backed stable coin is known as the UStb.
-
- Crypto Analyst Bluntz Leans Bullish on Under-the-Radar Altcoin SAGA, Predicts Major Move for Memecoins WIF and POPCAT
- Sep 27, 2024 at 04:25 am
- The widely followed cryptocurrency analyst and trader known as Bluntz is leaning bullish on one under-the-radar altcoin while offering his insight on two memecoins.