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Altcoin Season

End of Altcoin Season? Glassnode Co-Founders Warn Alts in Danger of Lagging Behind After Last Week’s Correction

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5 hours ago

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The creators of the crypto analytics firm Glassnode are warning that altcoins could lose all bullish momentum following last week’s market correction.

Jan Happel and Yann Allemann, who go by the handle Negentropic on the social media platform X, tell their 63,400 followers that “altcoin season,” which they say began in late November, could come to an abrupt end after alts witnessed deep pullbacks over the last seven days.

According to the Glassnode co-founders, traders and investors will likely have a risk-off approach on altcoins unless Bitcoin recovers a key psychological price point.

“Is This the End of Altcoin Season?

Bitcoin dominance is surging after dipping below $100,000, while altcoins are losing critical supports. Dominance has risen and resumed its upward trend, signaling a stronger BTC environment.

If BTC stabilizes above $100,00, we might see a pump in altcoins now in accumulation zones. Until then, Bitcoin appears poised to lead, leaving altcoins lagging behind.”

Image
Source: Negentropic/X

The Bitcoin Dominance (BTC.D) chart tracks how much of the total crypto market cap belongs to BTC. In the current state of the market, a surging BTC.D suggests that altcoins are losing value faster than Bitcoin.

At time of writing, BTC.D is hovering at 59%.

Looking at Bitcoin itself, the Glassnode executives say long-term Bitcoin holders are massively unloading their holdings as other investor cohorts pick up the slack.

“The Board Keeps Shifting. 

As BTC continues flowing out of exchanges during this dip, long-term holders are exiting forcefully, while short-term holders step in without hesitation.

Whales quietly accumulate, miners remain neutral, and selling pressure has merely reshuffled the board.

New hands are absorbing the sales.”

Image
Source: Negentropic/X

At time of writing, Bitcoin is worth $97,246.

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24/7 Cryptocurrency News

Top Analyst Confirms Altcoin Season, What’s Next for XRP, SOL, HBAR, and SHIB?

Published

3 weeks ago

on

December 4, 2024

By


The crypto market cap hits a new all-time high (ATH) today, surpassing the $3.50 trillion landmark. The Altcoin Season Index by platforms including Blockchain Center and CoinMarketCap indicated the market has entered altcoin season, with confirmation from one of the top analysts Markus Thielen, CEO of 10x Research. With Bitcoin price in consolidation mode, crypto such as HBAR, XLM, XRP, SUI, ALGO, and OM have led the rally in the last 3 months. Bitcoin dominance has dropped to 53.80% today.

Altcoin Season Driving Rally in XRP, SOL, HBAR, SHIB

The crypto market is witnessing a FOMO and panic simultaneously, reports 10x Research on December 4. Top analyst Markus Thielen confirmed that altcoin season has priced-in and the trend will sustain and potentially expand trading opportunities.

Besides, several altcoins have climbed in the altcoin season rally after Bitcoin retraced from the $99,700 range. BTC price now exchanged hands at $96K. HBAR has recorded an over 600% rally, XLM and XRP followed with over 500% and 400% price growth in the last 90 days.

Notably, the Altcoin Season Index has hit 86 today, signaling a massive sentiment towards further gains in altcoins. Markus Thielen expects the demand for crypto tokens will likely continue until Donald Trump’s inauguration in January.

Altcoin season indexAltcoin season index
Altcoin Season Index. Source: Blockchaincenter

South Korea Driving the Altcoin Season

According to 10x Research, retail-focused trading volumes in South Korean crypto market have surged immensely. In the past 24 hours, it surged to almost $34 billion, marking the highest level. This comes as South Korean President Yoon Suk Yeol declared emergency martial law. He now faces impeachment for his decision.

Ripple (XRP) led the trading volume, followed by Dogecoin (DOGE), Stellar (XLM), Ethereum Name Service (ENS), Hedera (HBAR), and Shiba Inu (SHIB). These high-momentum cryptocurrencies are being driven predominantly by retail traders, capitalizing on and reinforcing momentum-driven trends.

What’s Ahead For XRP, SOL, HBAR, and SHIB?

The market rotation for Ripple XRP surge shows no signs of slowing down, said Markus Thielen. He added that the rally stands out as “one of the most extraordinary developments in the crypto market this year.”

Further, XRP market cap has now surpassed $150 billion to become the third-largest crypto. This explosive move followed a breakout from a long-term triangle pattern, catalyzed by the U.S. election.

XRP priceXRP price
Source: 10x Research

As altcoin season has arrived, Ethereum and Solana are likely to drive the crypto market again. However, the current trends indicate rotation to XRP and other breakout crypto.

Ethereum price will gradually surpass the $4000 level if it breaks above $3800 resistance. On the other hand, Solana price will rally toward $400 and $600, as per crypto analysts.

HBAR price trades at $0.329, down 5% in the last 24 hours. The trading volume has decreased by 33% amid profit booking by traders. However, traders are bullish on Hedera amid multiple partnerships and developments amid altcoin season. HBAR price is anticipated to hit $0.57 next year.

Shiba Inu price jumped 4% in last 24 hours, with the price currently trading at $0.00003039. The trading volumes on both spot and derivatives market have surged in the last 24 hours.

Shiba Inu lead developer Shytoshi Kusama spotlighted upcoming dog-themed meme coin SHIFU coin launch. He also hinted at the TREAT token launch near Christmas. The developments could further trigger a rally in SHIB prices.

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Varinder Singh

Varinder has over 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently leading the news team to cover latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Altcoin Season To Face Challenges Ahead, CryptoQuant CEO Predicts

Published

3 weeks ago

on

December 3, 2024

By


The altcoin market is entering an unusual phase, with independent trends emerging as Bitcoin drifts away from the broader crypto ecosystem. CryptoQuant CEO predicts a challenging altcoin season where only a few tokens will thrive.

Bitcoin’s dominance is being reshaped by its paper-based Layer 2 ecosystem, including ETFs and funds, limiting its interaction with alternative cryptocurrencies. These assets must innovate by building real Internet money ecosystems or adopting similar paper-wrapped models to attract fresh liquidity.

Altcoin Season Faces Uncertain Path as Market Dynamics Shift

The altcoin market is evolving rapidly, presenting unique challenges for investors. According to Ki Young Ju, CEO of CryptoQuant, this alt season is unlike any before. In his recent X post, he highlighted how Bitcoin’s ecosystem is increasingly detached from the alternative crypto, with paper-based Layer 2 systems like ETFs and funds dominating its growth. This separation has left alternative coins to navigate a different path, requiring either innovative use of stablecoins or similar paper-wrapped structures to secure liquidity.

The alternative cryptocurrencies, once moving in tandem with Bitcoin, are now displaying independent trends. With limited new liquidity entering the market, only a select few coins are expected to thrive. Ki Young Ju emphasized the need for investors to identify tokens capable of sustaining long-term value in this uncertain environment.

The leading alternative crypto, Ethereum, has gained traction among institutional investors during the shifting market trends. Last week, CoinShares reported $634 million in inflows into Ethereum investment products, boosting its year-to-date inflows to $2.2 billion. In contrast, Bitcoin saw $457 million in outflows, marking its first major decline since September. This trend highlights Ethereum’s rising appeal as Bitcoin faces profit-taking after surpassing the $100,000 milestone.

Binance Founder CZ’s Cryptic Tweet Fuels Cryptocurrency Speculation

Binance founder Changpeng Zhao, known as CZ, ignited the crypto community with his cryptic tweet. The riddle quickly sparked discussions on social media. Many believe it subtly hints at the ongoing altcoin season. Zhao’s enigmatic tweets often spark speculation. They align with the market’s current focus on the growing influence of alternative coins in a shifting ecosystem.

Moreover, Binance’s native cryptocurrency, BNB, has also showcased robust performance, reflecting its role as one of the top altcoins. Trading at $651, BNB price saw a 3% increase over the past 24 hours, a 4% rise over the week, and a notable 17% surge over the past month. With a market cap of $93 billion, it ranks sixth among all cryptocurrencies. Its 24-hour trading volume of $2.5 billion highlights strong demand. The coin’s steady growth emphasizes its relevance as the alternative cryptocurrencies continue to reshape investor sentiment amidst evolving market dynamics.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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