CoinWorld News Report:
Cryptocurrency market analysts have been diligently studying charts to find signals of altcoin breakthroughs. However, they have yet to take significant action and usually follow suit after Bitcoin surges.
On September 24th, the co-founder of Glassnode, “Negentropic,” observed the Bitcoin/altcoin cycle and pointed out that altcoins follow the bullish momentum of Bitcoin.
“It appears that we are on the verge of altcoin season,” he added, “Once BTC breaks ATH and enters uncharted territory, we will undoubtedly experience a strong journey.”
Bitcoin is currently down about 14.5% from its all-time high, while most altcoins are still more than 50% away from their peak.
#Altcoins
Following the bull market momentum
#Bitcoin
It seems that we are about to enter the Altcoin season. We will definitely experience a strong journey
$BTC
Breaking ATH, entering uncharted territory.
#Altseason
#OldTown2024
pic.twitter.com/7QFoR6Ow6x
— (@Negentropic)
September 23, 2024
Is Altcoin Season Approaching?
The analyst further stated that this would be the classic rotation cycle starting with BTC, followed by Ethereum, then large-cap stocks; altcoins, and then entering smaller-cap tokens.
“Since May, we have seen Bitcoin surge three times without any signs of altcoin season,” he added, “Now we see the Altcoin season indicator soaring close to -50 before Bitcoin’s strong performance. We have a feeling that the next surge will happen simultaneously.”
Furthermore, in terms of profits, Bitcoin has experienced its best September ever, traditionally a bearish month, with a current gain of nearly 9%.
On September 23rd, Web3 developer “Tracer” predicted that “the biggest season will start in 9 days.” They added that this has happened twice before in 2017 and 2021. Meanwhile, “Elja” told his 686K followers, “the biggest alt season will begin in the fourth quarter.”
The biggest season will begin in the fourth quarter
Everything is on the charts
pic.twitter.com/rLuMzrvLx4
–Elja (@Eljaboom)
September 22, 2024
Another factor affecting altseason is Bitcoin’s dominance, currently at a three-and-a-half-year high of 57.5%. According to analysts on Tradingview, Bitcoin’s dominance is reaching its peak and may fall below 50%, which is good news for altcoins.
Top-performing Altcoins Today
At the time of writing, the cryptocurrency market has dropped by 1.6% on the day, with a total market capitalization of $2.31 trillion. However, there are still a few altcoins performing well. These include Near Protocol, which has risen by 14.5% in the past 24 hours to reach $5.21.
AI token TAO (Bittensor) also continues to rise with a 5% increase, bringing its weekly gain to an impressive 84%.
Bitcoin Layer 2 project Stacks (STX) has also performed well today, rising by 7%. Arweave (AR) and Celestia (TIA) have also seen pumps of 16% and 20% respectively.