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Whales Poised to Ignite Altcoin Season: Is This the Moment We've Been Waiting For?
CryptoQuant founder claims that whales are preparing for an altcoin season. However, market analyst Benjamin Cowen urges caution amid rising BTC dominance.
Renewed Altcoin Season Calls
As August begins, CryptoQuant, a leading crypto data intelligence platform, predicts another altcoin season, just weeks before a potential Fed rate cut in September. Similar predictions have been made since late last year, but none have materialized.
The Role of Whales
According to CryptoQuant founder Ki Young Ju, whales are positioning themselves for the next altcoin season. This is based on the increasing 1-year Cumulative Buy/Sell Quote Volume Difference for Altcoins, a metric indicating strong demand from whales and institutions.
Historical Comparisons
SwissBlock, a crypto market insight firm led by Glassnode founders, supports this outlook. They compare the current market to the late 2020—early 2021 trend, which saw a 400% rally for altcoins, based on correlations with the US Small Cap (Mini Russell 2000 Index Futures).
Diverging Opinions
Renowned crypto analyst Benjamin Cowen offers a more cautious perspective, noting that increasing Bitcoin dominance, which could reach 60% by the year's end, might hinder the altcoin market. Cowen points out that despite frequent altcoin season calls, BTC dominance continues to rise, a pattern observed in 2019 before a Fed rate cut.
Current Market Sentiment
Currently, the Altcoin Season Index reads 22, indicating the market is still in Bitcoin season, despite calls for an altcoin rally.
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