As Bitcoin achieves a record high, is altcoin season here?
Altcoins follow Bitcoin to a record $98,384 on Thursday.
According to reports, cryptocurrencies rose after crypto-friendly Donald Trump won the US presidential election.
On-chain data suggests the Altcoin Season Index has higher growth potential as wealth flows into BTC over altcoins.
Bitcoin (BTC) hits $98,384 on Thursday, and altcoins soar in reaction to US President-elect Donald Trump's crypto-friendly attitude. On-chain data implies the Altcoin Season Index might expand more as investors hesitate to completely rotate into altcoins when BTC approaches $100,000.
Coins other than Bitcoin rise significantly during altcoin season.
Recent rally signals Altseason.
After the early November US presidential election, Layer-1 cryptocurrencies rose in price, according to CryptoQuant's weekly report on Wednesday. Ripple, Tron, Cardano, Toncoin, and Solana have risen dramatically because to predictions that the next US government would be pro-crypto.
According to the story, Ripple Labs CEO said in an interview that the crypto business and Trump have both welcomed one other.
The study also notes that spot trade volume reached one of its greatest daily levels in 2024 as altcoin prices rose. After the US presidential election, cryptocurrency spot trading volume reached $18 billion on November 11, the biggest since early August. Before this, altcoin spot trade was low since May.
Despite the surge, Altcoin Season has yet to begin. The QCP research suggests that investors may not be ready to completely invest in altcoins yet since BTC has more legs before 100K.
Altcoins have outperformed when majors consolidate following a gain because profits move into smaller-cap coins, the research said. At 60% dominance, BTC is likely to need to reach <58% to indicate the start of altcoin season.
Blockchaincenter.net's Altcoin Season index graphic clarifies. This measure indicates Altcoin or Bitcoin season
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