According to a crypto investment firm, simply breaking Bitcoin’s all-time high of $73,679 may not be sufficient to ignite an altcoin season.
In their market analysis released on October 23, analysts from Hashkey Capital suggested that an 18% increase in Bitcoin’s price could pave the way for altcoin season. They noted that for altcoins to gain traction, Bitcoin’s price must exceed $80,000.
The $80,000 benchmark represents an approximate 18% rise from Bitcoin’s current value of $67,331. The analysts emphasized that for altcoin season to commence, Bitcoin’s dominance in the market should ideally fall between 62% and 70%.
At present, Bitcoin’s market dominance stands at about 58.94%, having recently peaked at a three-and-a-half-year high of 58.77%.
Some market experts argue that an altcoin season is long overdue. “This is the longest bear market for altcoins we’ve seen, even longer than the period from 2014 to 2016, and yet here we are,” remarked Michael van de Poppe, founder of MN Trading Capital, in a post on X.
Recent trends have shown that several memecoins among the top 100 cryptocurrencies by market cap have experienced notable price increases over the past week, leading investors to feel optimistic that an altcoin season might soon be on the way.
Altseason might look different this time
Among the biggest gainers recently is Goatseus Maximus (GOAT), which surged by an impressive 160.13% to trade at $0.74. Following closely is Cat in a Dogs World (MEW), which recorded a 25.58% rise over the week, and Popcat (SOL) (POPCAT), with a gain of 17.13%.
In August, concerns were raised that the anticipated altcoin season might not materialize as traders had prematurely jumped on speculative coins at the start of 2024. “The joke has been told, everyone knows the punchline, and they’ve rushed straight to it—it just isn’t funny anymore,” commented James Check, lead analyst at Glassnode.
For more news, find me on Twitter Giannis Andreou and subscribe to My channels Youtube and Rumble
What is your opinion on this particular topic? Leave us your comment below! We are always interested in your opinion!
