These Signs Show That Altcoin Season Is Upon Us

As the largest cryptocurrency by market capitalization with significant differences, BTC surged from $68,000 to over $90,000 within a few weeks after Donald Trump’s victory in the U.S. election. This was somewhat predicted, considering Trump’s support for bitcoin during his campaign, as he appeared at the annual BTC conference in the U.S. and even paid for a sandwich with this asset. Although some altcoins have recorded impressive gains within the same timeframe, the dominance of bitcoin has surged to nearly 60% on CoinGecko, much higher than on other sources such as CoinMarketCap and TradingView. However, the landscape seems to be changing, despite BTC surpassing the $100,000 mark earlier this week and reaching a new all-time high of over $103,500. The community has long speculated about the start of a new altcoin season - a period when alternative currencies are experiencing significant growth, especially compared to BTC. These periods, which usually last for several months, occur after a notable price increase of bitcoin. The decline of BTC market dominance in the past week is one of the strongest indicators that the time for altcoins has come. Perhaps this is most evident in the performance of ETH. The largest altcoin has been somewhat sluggish after the election and has modestly increased from around $2,600 to $3,000, a price level that has been maintained for a while. However, its value has started to increase significantly in the past ten days and spiked above $4,000 for the first time since March on Friday. Therefore, it has caught up with other strong-performing coins in this cycle, such as XRP, DOGE, XLM, HBAR, and many others. In fact, CoinGecko’s data shows that BTC is near the bottom in terms of the largest increase in the past month among the top 100 cryptocurrencies. Its ‘modest’ 32% increase is far behind leading currencies like HBAR (612%), XLM (403%), XRP (350%), ALGO (309%), IOTA (307%), SAND (250%), etc. Many experts in the industry have speculated about the environment around this altcoin season. Earlier this month, the CEO of CryptoQuant said that this altcoin season will be very different from previous ones, as only a few assets will exceed expectations.