Bitcoin Eyes New Heights, Will Altcoins Follow?
26.09.2024 11:30 1 min. read Alexander Stefanov
The founders of Glassnode, an analytics firm, believe an altcoin rally could soon begin.
Jan Happel and Yann Allemann, known as Negentropic on X, indicated that this altseason may unfold after Bitcoin surpasses its all-time high of around $74,000.
They noted that altcoins have been following Bitcoin’s bullish trend and suggested that a simultaneous surge in various cryptocurrencies could occur once Bitcoin breaks its ATH.
Historically, the cycle begins with Bitcoin rising, followed by Ethereum, large-cap altcoins, and then smaller ones. Since May, Bitcoin has seen three upward moves without triggering an altcoin season.
However, the altcoin cycle indicator recently approached 50, hinting at a potential shift in favor of altcoins.
This indicator reflects traders’ preferences; values above 50 indicate that altcoins are outperforming Bitcoin, suggesting an impending altcoin season.
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