The Buzz About Altcoins: Are Smaller Cryptos Ready to Shine?
Bitcoin (BTC), the pioneer and largest cryptocurrency, has been leading the recent digital asset rally. However, there’s growing anticipation around smaller players in the crypto space, known as “altcoins,” that are gearing up to make their mark. Popular crypto analyst CrediBULL Crypto has shared some interesting insights into when the much-awaited altcoin season might kick in.
So When Is The Alt Season?
A recent analysis by CrediBULL Crypto delves into the correlation between Bitcoin’s performance and the onset of the alt season. According to the analyst, altcoins typically start gaining traction once Bitcoin surpasses its previous all-time high (ATH).
- Mega Breakout Scenario:
- If Bitcoin breaks its prior ATH and quickly doubles in a matter of weeks, it usually experiences a mega breakout without much of a pause. During this period, altcoins may not receive much attention until Bitcoin takes a breather after its initial surge.
- Consolidation Scenario:
- On the other hand, if Bitcoin reaches its previous ATH but faces rejection or consolidates at the highs for a few weeks before resuming its rally, a different pattern emerges. In this case, altcoins often start gaining momentum right after Bitcoin hits its previous peak.
Bitcoin Price Action
Bitcoin is approaching its 2021 all-time high, reaching $67,000 this week amid significant inflows into spot Bitcoin ETFs. It has recorded a remarkable 48% gain since the start of the year. Interestingly, the broader crypto market has seen a 33% increase during this period, highlighting the somewhat subdued performance of altcoins.
Currently, Bitcoin is trading above $67,010, reflecting a 7.42% change in the past 24 hours, with a market cap of $1,336.98 billion.
Hot Take: Are Altcoins Poised for a Rally?
With Bitcoin nearing its all-time high and potentially triggering an altcoin season, the crypto market is abuzz with excitement. Keep an eye on the performance of altcoins as they may be gearing up for a significant rally in the near future.
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