Meme Coin Rally May Signal Impending Altcoin Season; This Is the Sign to Watch
Bitcoin has led the crypto advance this year, but altcoins could start outperforming soon, analysts said.
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Bitcoin has led the crypto advance this year, but altcoins could start outperforming soon, analysts said.
The funding rate spread has collapsed, indicating increased appetite by traders to speculate further out on the risk curve, one analyst said.
The broader altcoin market also showed signs of rebounding from oversold levels, one analyst noted.
The rise of bitcoin and ethereum, and more favorable macro conditions, could be good news for altcoins this year, says Todd Groth, head of research at CoinDesk Indices.
Altcoins futures took a hit Monday as sudden volatility liquidated both longs and shorts, causing unusually high liquidations on some lesser-known tokens.
November brought explosive gains for altcoins as a wide range of smaller cryptocurrencies outperformed bitcoin, prompting call for an altcoin season.
Several major alternative cryptocurrencies including DYDX, Optimism (OP) and SUI dropped sharply as massive token unlocks weighed on prices.
Cryptocurrencies Wednesday roared back from yesterday’s drubbing, with bitcoin [BTC] nearing a new 18-month high just shy of $38,000 after tumbling below $35,000 at one point on Tuesday.
Altcoins posted gains of 5%-10% on Monday while bitcoin (BTC) treaded water near $35,000 as investors ventured into riskier tokens as calls for an altcoin season emerge.
Layer 1 cryptocurrencies and DeFi tokens soared this week as bitcoin and ether chopped sideways.