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Bitcoin Eyes New Heights, Will Altcoins Follow?

26.09.2024 11:30 1 min. read Alexander Stefanov
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Bitcoin Eyes New Heights, Will Altcoins Follow?

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.

READ MORE:

Signs of an Altcoin Correction Emerge, According to Bitfinex Insights

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.

Alexander Stefanov
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With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.

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