Seriously WTF Happened to Altcoin Season? Gold Reaches ATH As Crypto Crashes
Altcoin season has taken a backseat for most of the year, trailing behind Bitcoin’s slow grind upward. But new market data suggests the underdogs and your favorite alts might not stay quiet for long.
On-chain analytics platform Alphractal has raised eyebrows with predictions of a significant shift in the altcoin market. Using altcoin Dominance metrics, Alphractal noted these metrics hover around historically significant support levels that have previously preceded major rallies.
Altcoin Season May Come Via ‘Alt Dominance’
“Something big is about to happen with altcoins,” Alphractal shared in a post on X, citing its analysis of dominance levels.
Altcoin dominance metrics may be setting the stage for a rally. Excluding stablecoins, the metric has historically used the 25% level as a springboard, fueling surges to 35% in 2020 and over 50% during the 2021 altseason. Currently at 27.91%, it appears ready to test its strength again, signaling the potential for a resurgence in altcoin momentum.
The market could be gearing up for another altseason in the coming months if history holds.
Is Altcoin Season Dead?
Conversely, the devil’s advocate take here is that altcoins from the 2017 to 2020 era are dead. Many of those tokens have already done 100x, some even 1000x. Virtuals, Kaspa, now Keeta, even Solana did a 25x this bull run. It can’t get much better than this, some are arguing.
Another prevailing element of this cynicism is that nobody believes alts have actual utility anymore. It’s all just gambling on the price of the token.
That’s why only ultra memes like Fartcoin are moving. The OG’s money isn’t cycling out of Bitcoin pops and then bolstering an altcoin eruption but rather cycling back into Bitcoin itself. Of course, we’ll see if this opinion plays out, but for now, some believe altcoin season is dead.
Geopolitical and Market Sentiment; Gold Eyes New ATH
Bitcoin took a gut punch last week as missiles flew between Israel and Iran, plunging from $107K to $102K and vaporizing over $1.4 billion in liquidations in one brutal trading day. But in the wreckage, resolve broke through.
Data from Farside Investors showed a jaw-dropping $1.37 billion flooding into U.S.-based spot Bitcoin ETFs. The retail crowd panicked, but institutions bought the fear.
Gold surged to a multi-week high of $3,445 last week, boosted by escalating Israel-Iran tensions and weaker-than-expected U.S. inflation data that pressured the dollar. Traders now eye a climb toward the all-time high of $3,500, though uncertainty looms ahead of the Fed’s policy meeting.
Who’s going to win out between Bitcoin, altcoins, and gold? We’ll just have to wait and see, but they undoubtedly all thrive in times of volatility like this.
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The post Seriously WTF Happened to Altcoin Season? Gold Reaches ATH As Crypto Crashes appeared first on 99Bitcoins.
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