Cryptocurrency Altcoin Season Over? Glassnode Warns of Post-Correction Risks
- Altcoins may face post-correction decline.
- Bitcoin shows resilience; dominance increases.
- Changes in the profile of Bitcoin holders.
Experts from Glassnode, a leading cryptocurrency analysis company, Jan Happel and Yann Allemann, known as Negentropic on the social network X, recently highlighted a worrying scenario for those investing in altcoins.
According to them, the correction in the crypto market that occurred last week may have marked the beginning of a significant slowdown for these coins with the loss of their main supports. With 63.400 attentive followers, the duo believes that the so-called “Altcoin Season” or “altcoin season”, which began in late November 2024, may be coming to an end.
Is This the End of Altcoin Season? ⚠️
Bitcoin dominance is emerging after dipping below $100K, while altcoins are losing critical supports. Dominance has risen and summarized its upward trend, signaling a stronger BTC environment. 📈
If BTC stabilizes above $100K, we might see a… pic.twitter.com/hnU3uHS9um
— Negentropic (@Negentropic_) December 20, 2024
The discussion delves deeper into the behavior of investors and traders in light of recent market performance. Based on Glassnode’s observation, there is a growing risk aversion in altcoin trading, which is heavily dependent on Bitcoin’s recovery from a critical price level.
“Is this the end of Altcoin Season?” the co-founders ask, pointing to the rise in Bitcoin dominance occurring simultaneously with the loss of important support by altcoins. This phenomenon reinforces a potentially more robust market for BTC.
Furthermore, Bitcoin dominance (BTC.D) indicators, which measure its proportion of the total cryptocurrency market cap, reveal that Bitcoin is outperforming altcoins during the recent market turmoil. At the time of analysis, BTC.D was at 59%, a sign that altcoins are losing value more quickly.
Regarding Bitcoin itself, Happel and Allemann’s view is that there is a reshuffling of the holder profile. “The Board Keeps Changing,” they report. It is noted that even as Bitcoin is delisted from exchanges, long-term holders are being forced to sell, while new investors are jumping in without hesitation. “Whales are quietly accumulating, miners remain neutral, and the selling pressure has only reshuffled the board. New hands are absorbing the sales,” the analysts add.
This scenario suggests a moment of caution and reassessment for those investing in altcoins, while Bitcoin appears to be heading towards a period of greater stability and possibly gains.
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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