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NewsBTC 2024-12-24 11:30:30

Is Altcoin Season Here Already? VanEck Answers As Bitcoin Price Struggles Below $100,000

Is Altcoin Season Here Already? VanEck Answers As Bitcoin Price Struggles Below $100,000

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’s immediate trajectory but has also turned attention toward the altcoin market. 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—VanEck 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’s 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’s outlook on the altcoin season also highlighted data from Artemis’s 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’s 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 $0.15 Nonetheless, many market participants are anticipating an altcoin season, with many betting on the overperformance of many top altcoins against Bitcoin. According to a recent technical analysis by crypto analyst Captain Faibik, altcoin season has officially begun. “$BTC (Dominance) Rising Wedge Breakout + Retest confirmed! ✅ #Altseason has officially begun—get Ready for the ride! 🚀📈,” he said. Featured image created with Dall.E, chart from Tradingview.com

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