Altcoins Outperform Bitcoin in Last 90 Days
In the past 90 days, altcoins have shown better performance than Bitcoin, according to an index.
Signal for Altcoin Bull Run
Crypto Banter, a YouTube-based crypto analyst, released a video on Jan. 15 discussing a signal that many experts use to predict a bull run for altcoins, which has just been triggered. This signal could potentially mark the start of the 2024 bull run.
Altcoin Performance vs. Bitcoin
In the video, the analyst mentions various altcoins and their performance compared to Bitcoin over a weekly timeframe. SUI has seen an 82.3% increase, Celestia (TIA) is up by 48.3%, and Helium (HNT) has risen by 47%. Meanwhile, Bitcoin shows a decrease of 2.8% in the same period.
New Capital Flowing into Altcoin Market
The analyst emphasizes that Twitter sentiment is not as important as the influx of new capital into the altcoin market. By analyzing three indicators—the true altcoin market cap, altcoin market cap with Ethereum, and altcoin market cap with stablecoins—it appears that new money is entering the market. The analyst believes that this move is still in its early stages.
BTC and ETH Dominance
The analyst observes that BTC dominance has broken down below its 200-day moving average and is now falling into technical support. On the other hand, ETH dominance has surpassed its 200-day moving average, indicating a bullish trend.
Consider All Metrics
To determine if altcoin season has truly arrived, traders should take into account the aforementioned metrics along with the specific chart of the coin they are analyzing.
Hot Take: Is It Altcoin Season?
Based on recent performance and market indicators, there are signs that altcoin season may be upon us. Altcoins have outperformed Bitcoin in the last 90 days, and there is evidence of new capital flowing into the altcoin market. Additionally, BTC dominance has broken down while ETH dominance remains strong. Traders should carefully analyze these metrics alongside individual coin charts to make informed investment decisions.
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