- Bitcoin is still riding its weeks-long bullish wave.
- Market enthusiasts believe that altcoin season is on the horizon.
- Certain altcoins are already beginning to come to life.
The crypto market has been in overdrive for the past few weeks, powered by Bitcoin’s explosive rally to new all-time highs. Recently surpassing $90,000, the parabolic climb has captivated investors and heightened expectations for even greater performance, sparking hopes that the long-awaited bull run is finally here.
However, in contrast to their typical rallying trend in Bitcoin’s wake, the surge and surrounding optimism have yet to translate into a truly bullish sentiment for most altcoins, prompting the question of if and when the asset class will finally join the rally.
Bitcoin Bulls Bet on Altcoin Season
While Bitcoin (BTC) has had the spotlight over the past few weeks, the crypto market is now betting that the next big move might belong to altcoins. According to analyst Rekt Capital, Bitcoin’s current phase could signal the beginning of a new wave for altcoins, potentially kicking off the “Q4 Altcoin Hype Cycle.”
A focal point of the prediction is the surge of new capital flowing into the crypto market. Historically, altcoin seasons have occurred when Bitcoin taps new all-time high records and attracts fresh market inflows that often spill over into altcoins.
The analyst pointed out that while alts have struggled in recent months due to the historical ‘Post-Halving ReAccumulation,’ the ongoing capital inflows tied to Bitcoin’s price discovery create a favorable environment for the assets to regain momentum.
Rekt Capital further emphasized that a shift in Bitcoin’s market dominance could catalyze the altcoin rally. This echoes another analyst Miles Deutscher’s sentiment, who pointed out that Bitcoin’s current momentum benefits the altcoin sector. Deutscher added that as capital continues to pour into Bitcoin, the eventual decline in its dominance could pave the way for a substantial altcoin surge.
As the altcoin season optimism mounts, several tokens already display positive signals.
Altcoins Come to Life
The crypto market is beginning to see the altcoin class gain momentum, with some tokens already outperforming expectations. Among the top performers are Ethereum (ETH) and Solana (SOL), both of which have benefitted from the ongoing bullish momentum to secure impressive double-digit gains.
Ripple (XRP) and Cardano (ADA) have seen even more explosive movements. These tokens reversed months of underperformance with impressive 100% gains within the past month.
Other tokens, including SUI, TRON, NEAR, and APT, have joined the rally, with respective gains of approximately 78%, 27%, 22%, and 20%.
On the Flipside
- Despite positive trends in some tokens, market indicators suggest that an official altcoin season is still a distant prospect.
- Bitcoin is trading at $90,340 at press time.
- The crypto market is highly volatile, and the longevity of upticks is not usually guaranteed.
Why This Matters
Altcoins have a history of capitalizing on Bitcoin’s rallies to attain new highs. With Bitcoin’s recent gains, investors are on the edge of their seats, anticipating the long-coveted breakout into the next altcoin season.
Read this article for more on market optimism about a looming altcoin boom:
Bitcoin Dominance Topping Out? Analysts Call Altcoin Season
Former crypto mogul turned convict SBF is still stirring buzz across the industry, this time with whispers of an incoming movie. Find out more here:
SBF Movie in the Works as Hollywood Takes on His Life Story
