Could Altcoin Season be about to start?
Bitcoin fell 5% last night, but altcoins adjusted very lightly and seem to recover immediately with a few long wick candles on the small time frame.
The Altcoin Season chart has risen sharply to 51, meaning it is progressing quickly towards the confirmed altcoin season mark of 75. Many other indicators are also supporting this, such as:
- BTC.D decreased to 58.5%
- TOTAL3 (altcoin market cap) continues to rise this morning
The fact that altcoins are holding their value very well, even reversing Bitcoin's correction, may come from Bitcoin holders taking profits from Bitcoin and using the capital to invest heavily in altcoins.
This is a very positive sign for capital flowing into altcoins, while capital from Spot Bitcoin ETF flows into Bitcoin to maintain price growth.
