tl;dr
The founders of analytics firm Glassnode, known as Negentropic, predict that altcoins will soon outperform Bitcoin once it breaks its all-time high of about $74,000. They believe this could signal the start of an altcoin season, with all types of digital assets rallying simultaneously. They suggest ...
Glassnode analysts from analytics firm Glassnode, known as Negentropic, predict that altcoins will soon outperform Bitcoin once it breaks its all-time high of about $74,000, potentially signaling the start of an altcoin season. They suggest that this upcoming altseason could be part of a broader crypto market surge, with all types of digital assets rallying simultaneously.
The Bitcoin-altcoin cycle indicator, which measures whether traders favor altcoins over Bitcoin, indicates that the market may be entering an altcoin season as Bitcoin approaches its all-time high. According to Jan Happel and Yann Allemann, also known as Negentropic, altcoins have been following the bullish momentum of Bitcoin, and they believe that once Bitcoin breaks its all-time high, an altcoin season is imminent. They anticipate that the next market surge may see both Bitcoin and altcoins rising together based on the Bitcoin-altcoin cycle indicator.
As of now, Bitcoin is trading at $64,246. The analysts at Glassnode believe that the time is approaching for when altcoins will start to outperform Bitcoin, potentially marking the onset of an altcoin season. They highlight that the upcoming altseason could be a part of a broad crypto market surge, where all types of digital assets rally at the same time.
The Bitcoin-altcoin cycle indicator measures the preference of traders for altcoins over Bitcoin. A value of over 50 indicates that Bitcoin is underperforming against altcoins and that the market may be entering an altcoin season. The current price of Bitcoin stands at $64,246 at the time of writing.
Image Source: Negentropic/X
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