No, you don't have to wait for bitcoin to stumble to see altcoins shine. On the contrary, when the king of cryptos rises, he takes his soldiers with him. If bitcoin crosses the $80,000 mark, the famous “altcoin season” could finally begin, experts at Hashkey Capital estimate, with BTC dominating between 62% and 70%. Investors are watching for signals that could herald a revival for these alternative cryptos.
Bitcoin: A rise to the heights
Hashkey Capital analysts are clear: for the altseason to materialize, the price of Bitcoin will have to exceed $80,000. With a current price of $67,000, that would represent an increase of about 18%. But reaching this threshold alone will not be enough.
In addition to breaking its all-time high of $73,679BTC will also have to consolidate its market domination around 62% to 70%. Currently at 58%, or more precisely 58.94%, this market share has already reached a three and a half year high.
The conditions seem to be ripe for a potential crypto “rally”. Cautious optimism is spreading, and some more speculative coins, like Goatseus Maximus, have even seen spectacular gains.
For proponents of the “domino theory,” Bitcoin’s momentum could pull altcoins in its wake.
- 18% increase needed for BTC;
- Target dominance: between 62% and 70%;
- Bitcoin all-time high: $73,679.
Crypto alternatives or altcoins: Waiting for the shine
While altcoins still appear to be in hibernation, crypto enthusiasts believe thata new “altseason” is late. Indeed, according to Michael van de Poppethe current altcoin market is experiencing its longest period of drought since 2014-2016. But there are signs of a less gloomy future: over the past seven days, some less traditional cryptos have recorded notable increases.
However, as Glassnode analyst James Check reported, the enthusiasm around altcoins may be different this time around.
“ The joke's been told, everyone knows the punchline, and it's not really funny anymore “, he said.
Investors should keep in mind that not all cryptocurrencies will necessarily benefit from a snowball effect.
Finally, let's not forget that even when the “queen of cryptos” shines brightly, her servants do not always share the light. For example, in week 24 of 2024, bitcoin saw a surge, but altcoins remained in the shadows. Markets are fickle, and crypto rallies can be as fleeting as shooting stars.
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