Happycoin.club - The upward rally of cryptocurrencies in 2024 was predominantly led by Bitcoin (BTC), as well as coins from the artificial intelligence (AI) and meme categories.
In view of the current downward correction, cryptanalyst Altcoin Sherpa with 217,000 subscribers on social network X, which is banned in Russia, is confident that at least one of two events will occur on the crypto market that could trigger a full-scale altcoin rally.
Personally, I am still of the opinion that the altcoin charts look pretty good and I don't see any big big moves yet. Generally speaking, I think we need to see one of two things happen before altcoins really take off.
The analyst went on to describe both of the conditions he listed:
1) Final surrender. Usually this is some kind of final shake-up. 2) Another potential opportunity is a long period of consolidation.
Currently, the “Altcoin Season Index” on Blockchaincenter.net shows that the likelihood of an altcoin season is extremely low.
Altcoin season index as of June 22, 2024 Source: blockchaincenter.net
The index will register a score of 35 out of 100, while the altcoin season requires a score of 75 to start. Essentially, the index stipulates that 75% of the top 50 coins should outperform Bitcoin. On June 22, the index rating dropped significantly to 20 out of 100.
