Altcoin season is all over Twitter – but is it realy happening? Bitcoin is soaring, but most altcoins are still flat. Top analysts say this is just a twitter-fueled pump with little momentum behind it and retail money has not shown up yet. This “altseason” might just be smoke and mirrors and here is why.
Analyst VirtualBacon has warned that the market may not be as strong as it looks and the altcoin hype could also be misleading. Bitcoin dominance has been rising and retail coins are still stuck. The CMC Altcoin Season Index is also just at 24. All these signs show that it isn’t the real altseason yet.
The ALT/BTC pairs look weak. He took HYPE as an example and shared that it may be a solid project, but it’s getting pricey. With a $37 billion Fully-diluted value and high P/E compared to BNB, its getting hard to access. This is just a fast insider game for full-time traders, bots, and crypto power users, and its not the average investor.
The analyst is playing it smart, sticking to BTC, ETH, and SOL. For AI, he’s betting on TAO. He is also into memecoins via SOL, infrastructure plays like JUP, SAROS, BORG, and launchpads AERO and VIRTUAL. PENGU is on his radar, but he’s skipping the rest. He is also watching BlackholeDex, a new Avalanche DEX with no team tokens and fee-based rewards.
Market is missing liquidity, and still waiting for clear signs of a market bottom and confirmation before altcoins can really take off. With important events like the upcoming FOMC meeting and key meetings in July and September, there’s no rush to jump in. Also, retail favorites like XRP, ADA and DOGE also haven’t moved much.
Expert Benjamin Cowen also pointed out that the ALT/BTC pairs have hit their lowest weekly close of the entire cycle. Altcoins have been steadily losing ground to Bitcoin since 2021. But some analysts have pushed back against these claims and expect altcoin season to kick off once Ether starts outperforming Bitcoin.
The Altcoin Season Index measures altcoin performance vs. Bitcoin. A score of 24 means most altcoins are underperforming BTC right now.
A true altcoin season may begin when Ether outperforms Bitcoin, liquidity improves, and retail investors return to the market.
With Bitcoin (BTC) ranging between $105,000 and $110,000, attention is gradually shifting to altcoins, causing…
The crypto markets are consolidating ahead of the $5 billion liquidity entering the space, as…
Per reports from crypto commentators, the Ripple price might be soaring to $5 in the…
Despite widespread fears of a market downturn, Michaël van de Poppe offers a different perspective.…
Shiba Inu may still command attention, but not every meme coin is built to lead…
Kaanch Network’s presale is rapidly approaching full subscription, presenting a critical opportunity for investors before…
