Crypto market analysts have been scouring the charts looking for signals of an altcoin breakout. However, they have yet to make a big move and usually follow in the wake of a Bitcoin surge.
On Sept. 24, Glassnode co-founder ‘Negentropic’ observed the Bitcoin/altcoin cycle noting that alts have followed the bullish momentum of BTC.
“It seems that we are on the verge of an altcoin season,” he said before adding,
“We are bound to experience it intensely once BTC breaks its ATH and enters uncharted territory.”
Bitcoin is currently around 14.5% down from its all-time high, whereas most of the altcoins are more than 50% away from their peaks.
#Altcoins have followed the bullish momentum of #Bitcoin
It seems that we are on the verge of an Altcoin Season. We are bound to experience it intensely once $BTC breaks its ATH and enters uncharted territory. #Altseason #Altseason2024 pic.twitter.com/7QFoR6Ow6x
— (@Negentropic_) September 23, 2024
Altcoin Season Around The Corner?
The analyst added that it will be the classic rotation cycle of BTC first, then Ethereum will pump, followed by large-cap altcoins, then into the smaller-cap tokens.
“Since May, we have seen Bitcoin push up three times without any sign of an altcoin season,” he observed before adding:
“Now we saw the Altcoin Cycle indicator spike to near-50 before Bitcoin showed strength. We have a feeling the next run-up will happen together.”
Additionally, Bitcoin has had its best-ever September, traditionally a bearish month, in terms of gains, with almost 9% so far.
On Sept. 23, Web3 developer ‘Tracer’ predicted that “the biggest altseason will start in 9 days.” They added that this has happened twice before, in 2017 and 2021. Meanwhile, ‘Elja’ told his 686,000 X followers that the “biggest altseason will begin in Q4,”
The Biggest Altseason Will Begin in Q4
It’s all in the charts pic.twitter.com/rLuMzrvLx4
— Elja (@Eljaboom) September 22, 2024
Another influential factor on altseason is Bitcoin dominance which is currently at a three-and-a-half-year high of 57.5%, according to Tradingview. Analysts have suggested that BTC dominance is topping out and could be due for a retreat below 50%, which would be good news for altcoins.
Today’s Top Altcoin Performers
Crypto markets have dipped 1.6% on the day with total cap falling to $2.31 trillion at the time of writing. However, a handful of altcoins are still outperforming at the moment. These include Near Protocol (NEAR) which has cranked 14.5% over the past 24 hours to reach $5.21.
AI token TAO (Bittensor) is still flying with another 5% on the day, making its weekly gains a whopping 84%.
Bitcoin layer-2 project Stacks (STX) is also performing well today with a 7% gain. Arweave (AR) and Celestia (TIA) are also pumping 16% and 20%, respectively.
