Altcoin season is here? Analysts don't think so

#AltcoinGains #TopCoinsSeptember2024

Nansen says that despite some peaks, the altcoin season has not yet begun and indicators alone cannot predict this.

Newer sectors in the crypto universe have shown significant growth in recent months. But it is still not certain whether we are already experiencing a full altcoin season (the so-called altseason).

According to a report by the blockchain analysis platform Nansen, the question is whether these upward movements are just isolated rallies.

Meme Coins in the lead

Altcoin seasons are phases of the crypto market in which alternative currencies outperform the main cryptocurrency, in this case, Bitcoin ($BTC ). Not just during isolated peaks, but for long periods.

Each season usually lasts a few weeks or a few months. Longer-term gains and rallies tend to be limited to coins that “fit a specific narrative” at the time.

Two major altseasons have been recorded. One was between late 2017 and early 2018. The second was between late 2020 and early 2021.

These previous cycles demonstrated steady growth for established tokens. However, it was newer tokens that captured investor interest with emerging technologies and led the way in performance.

macroeconomic factors and specific market indicators.

For example, they will assess the monetary policy of the US Federal Reserve, especially the decisions of the Federal Open Market Committee (FOMC). However, while the FOMC’s policies and positions can provide some guidance, it is uncertain whether to rely solely on past results to predict an altseason.

In addition, Blockchainchenter’s altseason indicator signals that we are not yet experiencing an altcoin season. Even though some coins have shown positive price movement for a considerable time.