bitcoin
bitcoin

$94992.367931 USD

-1.51%

ethereum
ethereum

$3280.150121 USD

-1.60%

tether
tether

$0.999116 USD

-0.04%

xrp
xrp

$2.163024 USD

-3.07%

bnb
bnb

$659.036658 USD

-0.13%

solana
solana

$180.055348 USD

-1.55%

dogecoin
dogecoin

$0.309847 USD

-1.35%

usd-coin
usd-coin

$1.000035 USD

0.00%

cardano
cardano

$0.877930 USD

-1.59%

tron
tron

$0.245022 USD

-0.11%

avalanche
avalanche

$35.946302 USD

-4.11%

chainlink
chainlink

$22.331561 USD

1.32%

toncoin
toncoin

$5.379341 USD

1.14%

shiba-inu
shiba-inu

$0.000021 USD

-0.80%

sui
sui

$4.223191 USD

-5.67%

Cryptocurrency News Articles

Glassnode Warns Altcoin Season Could Be Over as Bitcoin Dominance Surges

Dec 23, 2024 at 09:00 am

The creators of the crypto analytics firm Glassnode are warning that altcoins could lose all bullish momentum following last week's market correction.

Glassnode Warns Altcoin Season Could Be Over as Bitcoin Dominance Surges

Crypto analytics firm Glassnode’s masterminds are warning that altcoins could lose all bullish momentum following last week’s market correction.

Jan Happel and Yann Allemann, known as Negentropic on social media platform X, are telling their 63,400 followers that “altcoin season,” which they say began in late November, could come to an abrupt end after alts experienced deep pullbacks over the last seven days.

According to the Glassnode co-founders, traders and investors will likely have a risk-off approach on altcoins unless Bitcoin recovers a key psychological price point.

“Is This the End of Altcoin Season?

Bitcoin dominance is surging after dipping below $100,000, while altcoins are losing critical supports. Dominance has risen and resumed its upward trend, signaling a stronger BTC environment.

If BTC stabilizes above $100,00, we might see a pump in altcoins now in accumulation zones. Until then, Bitcoin appears poised to lead, leaving altcoins lagging behind.”

The Bitcoin Dominance (BTC.D) chart tracks how much of the total crypto market cap belongs to BTC. In the current state of the market, a surging BTC.D suggests that altcoins are losing value faster than Bitcoin.

At the time of writing, BTC.D is around 59%.

Looking at Bitcoin itself, the Glassnode executives say that long-term Bitcoin holders are massively unloading their holdings as other investor cohorts pick up the slack.

“The Board Keeps Shifting.

As BTC continues flowing out of exchanges during this dip, long-term holders are exiting forcefully, while short-term holders step in without hesitation.

Whales quietly accumulate, miners remain neutral, and selling pressure has merely reshuffled the board.

New hands are absorbing the sales.”

At the time of writing, Bitcoin is trading at $97,246.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X, Facebook and Telegram Surf The Daily Hodl Mix

Generated Image: DALLE3

News source:dailyhodl.com

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.

Other articles published on Dec 23, 2024