Bitcoin has now surpassed $78,900 following Wednesday’s decline. BTC is trading around $78,800, with an increase of more than 2% on the day. The movement also benefits several altcoins. Arbitrum continues its rally. The dollar is falling at the same time and giving risky assets some breathing room.
In brief
- Bitcoin surpassed $78,900 on the day.
- The Altcoin Season index still remains far from the threshold of a true altseason.
Bitcoin now exceeds $78,900
The rebound extends an already very solid month of August. Bitcoin had gained nearly 25% and recorded its best August in nine years. On Thursday, BTC accelerated beyond the levels seen a few hours earlier. The intraday high is around $78,926. Bitcoin is thus coming back close to $79,000 after starting the day around $77,000.
The dollar helps. The DXY index is falling while US stocks, gold and several cryptos are rising in parallel. Bitcoin ETFs, however, remain more hesitant. They had recorded 9.3 million dollars in net outflows on Wednesday, after 239 million the day before.
On derivatives, the positioning remains relatively light. Options show more optimism. Bitcoin calls at $82,000 and $84,000 are among the most traded contracts on Deribit. Traders are therefore starting to look higher again.
Arbitrum accelerate much faster
Bitcoin is moving forward. Some altcoins are running. Arbitrum also remains well oriented. ARB had gained nearly 17% over 24 hours in Thursday’s first move, with daily volume near $486 million.
A week earlier, this volume was around 50 million. ARB’s open interest also reached a record around 1.58 billion tokens. Other cryptos are growing more slowly. Monero remains in the green. Pump.fun is also moving forward. Uniswap is one of the exceptions after its previous strong rally.
The performance of some altcoins gives the impression of a general rotation. The market is not there yet. The Altcoin Season Index remains well below the threshold of 75 generally used to talk about altseason. A large portion of the major cryptos have yet to beat Bitcoin over an extended period of time.
Bitcoin, for its part, retains the role of locomotive. Crossing $78,900 now brings BTC closer to the $80,000 zone, already tested several times since the end of August. Above this is still the resistance seen around $82,800. Altcoins are nevertheless starting to attract more capital. The movement is not new: at the end of August, nearly 65% of volumes on Binance were already concentrated on altcoins, their highest level in two years.
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