Bitcoin Eyes New Heights, Will Altcoins Follow?

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Cryptodnes2024/09/26 08:45

By:Cryptodnes

The founders of Glassnode, an analytics firm, believe an altcoin rally could soon begin.

Jan Happel and Yann Allemann, known as Negentropic on X, indicated that this altseason may unfold after Bitcoin surpasses its all-time high of around $74,000.

They noted that altcoins have been following Bitcoin’s bullish trend and suggested that a simultaneous surge in various cryptocurrencies could occur once Bitcoin breaks its ATH.

Historically, the cycle begins with Bitcoin rising, followed by Ethereum, large-cap altcoins, and then smaller ones. Since May, Bitcoin has seen three upward moves without triggering an altcoin season.

Signs of an Altcoin Correction Emerge, According to Bitfinex Insights

However, the altcoin cycle indicator recently approached 50, hinting at a potential shift in favor of altcoins.

This indicator reflects traders’ preferences; values above 50 indicate that altcoins are outperforming Bitcoin, suggesting an impending altcoin season.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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