Veteran traders hint at altcoin season as Bitcoin cools down

Experienced traders say Bitcoin’s fall below $100,000 has shifted investors’ focus to altcoins.

Bitcoin (BTC) began its upward momentum after Donald Trump won the US presidential election last month, rising to an all-time high of $103,900 on December 5. As the profit-taking process began, the flagship cryptocurrency fell below $100,000 again.

This situation led to increased interest in altcoins.

Experienced crypto investor and trader Michaël van de Poppe expects altcoins to “shine again” as Bitcoin faces a correction.

He noted that Bitcoin’s current price movements appear similar to December 2023, as the global crypto market value has increased from $1.7 trillion to $2.9 trillion in three months.

Leading altcoin Ethereum (ETH) reached a local high of $4,070 in mid-March. ETH is trading at $3,700 at the time of writing.

Another crypto analyst known as Milky Bull, who has more than 81,000 followers on X, expects the “altseason,” a period in which altcoins outperform Bitcoin, to last three months.

Milky Bull believes the underseason will last until March 2025 before a major correction occurs.

According to data provided by Blockchain Center, the altcoin season index is currently hovering around 65. The indicator shows that investors are currently more interested in altcoins than Bitcoin.

Source: Blockchain Central

Data shows that 64% of the top 50 cryptocurrencies, excluding stablecoins and asset-backed tokens, have outperformed Bitcoin over the past 90 days. Hedera (HBAR) is in the leading position with a 494% increase in the said time period.

More than 75% of the 50 leading digital assets will need to outperform Bitcoin for the alt season to fully kick off.

At this point, Bitcoin has 53.1% market dominance with a market value of $1.94 trillion. According to CoinGecko’s data, the altcoin market cap dropped from $1.89 trillion on December 9 to $1.68 trillion today, due to the market-wide correction.

Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.