Is Altcoin Season Here Already? VanEck Answers As Bitcoin Price Struggles Below $100,000
Recent Bitcoin Price Trends has been marked as a correction Judging from the all-time high of $108,135 set a week ago. While Bitcoin has largely held above the $90,000 mark, a correction over the past 24 hours saw the cryptocurrency fall to a low of $92,500. This decline has not only shaken confidence in Bitcoin’s recent moves, but it has also turned attention to the altcoin market.
Although the altcoin market also reflects this trend As Bitcoin prices correct, many investors and analysts expect altcoins to rebound soon. VanEck weighed in on the expectation in a confident statement on social media platform X. According to the investment firm, the cryptocurrency industry is currently in the midst of altcoin season, which begins on November 27.
Altcoin season has arrived – VanEck
Bitcoin as the leading cryptocurrency, struggling to maintain its price momentum Breaking the $100,000 mark raises questions about where the market will go next. Although many Bitcoin supporters Another surge expected in 2025 With the incoming Trump administration in the U.S., other crypto analysts Moving to the altcoin market. interestingly, VanEck analysts said The current crypto environment may favor altcoins over Bitcoin.
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Matthew Sigel, head of digital research at VanEck, elaborated on the phenomenon, explaining that Bitcoin’s dominance in terms of market cap, liquidity, and trading volume often sets the stage for altcoins to outperform. Sigel said that as capital flows into the market, risk sentiment tends to drive emerging crypto applications, especially in the areas of decentralized finance, gaming and NFTs, which in turn allows the altcoin market to outperform Bitcoin.
VanEck’s outlook for altcoin season also highlighted data from the Artemis Altcoin Season Index, which measures how many of the top 50 altcoins outperformed Bitcoin over a 90-day period. According to the index (which ranges from 0 to 1), the altcoin season has a reading of 0.6. As of this writing, the index is currently well above that level, having recently reached 0.8. This suggests that the crypto industry is currently in altcoin season and profits from Bitcoin will start flowing into top altcoins.
Different views on current indicators
Interestingly, Artemis’ Altcoin Seasonal Index differs from more traditional indicators, such as those offered by CoinMarketCap. CoinMarketCap defines an altcoin season as a period when 75% of the top 100 altcoins outperform Bitcoin over the past 90 days. By this measure, the index currently stands at 51, although it peaked at an impressive 87 on December 4.
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Nonetheless, many market participants are anticipating the arrival of altcoin season, with many betting that many of the top altcoins will outperform Bitcoin. According to recent technical analysis by cryptocurrency analyst Captain Faibik, altcoin season has officially begun.
“$BTC (Leading) Rising Wedge Breakout + Retest Confirmed! ✅ The #Altseason has officially begun – get ready to go! 🚀📈” he said.
Featured image created using Dall.E, chart from Tradingview.com
