Alt Season Takes Over Social Media Platforms
On the social media site X (previously known as Twitter), there are many discussions centered around “Alt Season” and “altcoins.” An altcoin is any cryptocurrency other than bitcoin (BTC), and there has been a noticeable spike in online chatter about altcoins recently.
Enthusiasts are urging followers to stock up on these digital assets as the potential for a full-blown altseason in 2024 looms large. Similar sentiments are prevalent across various social media platforms like X, Facebook, and the r/cryptocurrency subreddit.
Alt Season and the Uptick in Online Search
During an “Alt Season,” the total market capitalization of cryptocurrencies usually witnesses a significant increase, driven by substantial investments in altcoins. On social media platforms and community forums, users are discussing potential gains and opportunities provided by the growing fascination with altcoins and “Alt Season.”
Additionally, there’s been an increase in search terms like “altcoins” and “Alt Season” on Google Trends, indicating growing public interest as well as a noticeable rise in online searches for these terms in recent months. This increasing trend on Google is also backed by the Blockchain Center’s Altcoin Season Index.
Blockchain Center’s criterion states: “If 75% of the Top 50 coins performed better than Bitcoin over the last season (90 days) it is Altcoin Season.” Currently, the index indicates that it’s not yet Altcoin Season, though it approached the range at the end of September and is closer to the threshold with a score of 39.
Hot Take: Altcoins Take Center Stage as Alt Season Looms Large
Amid the surging interest in altcoins and the potential for a full-blown altseason, the cryptocurrency market is witnessing a significant uptick in public awareness and discussions centered around altcoins and the much-anticipated “Alt Season.” With a noticeable rise in altcoin prices and growing online engagement, the stage is set for what could be a significant period of growth in the altcoin market.
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