Time for altcoins, huh?

The Altcoin Season Index may go further higher according to on-chain statistics.

Altcoins could see a meteoric rise in value due to the upcoming US presidential elections.

An expert in the cryptocurrency market predicts that the current cycle will mirror the alt-seasons of 2017 and 2021.


During "altcoin season," the price of cryptocurrencies other than Bitcoin sees a significant upswing. According to on-chain statistics, the Altcoin Season Index might see even more increase in the future. The impending US presidential elections, together with predictions from crypto expert Moustache, suggest that the current cycle may repeat the altcoin seasons of 2017 and 2021, perhaps resulting in a meteoric rise for altcoins.

In addition, when the US Federal Reserve (Fed) slashed interest rates by 50 basis points on Wednesday, Santiment data reveals that Bitcoin and other altcoins saw price increases.
blockchaincenter.net to see whether it's Bitcoin season or Altcoin season. Money is flowing into Bitcoin from altcoins if the index is less than 25, which indicates that Bitcoin is doing well relative to altcoins.

At 33, the score suggests that alternative cryptocurrencies still have plenty of space to develop. Instead of moving their money to altcoins, investors still want to put it into Bitcoin or just retain it.

Altcoins such as AAVE, SUI, and TRX have had price increases above 20% according to the Top 50 performance study conducted over the last 90 days. On the other hand, the majority of other prominent cryptocurrencies remain in the dark.

Starting in 2023 and perhaps continuing into 2024, the crypto market cycle entered its recovery phase. This period is often known as "altseason," and it is at this time that altcoins (all save Bitcoin) saw enormous price increases.

All things considered, this year's timing couldn't be better for risky assets like cryptocurrencies, what with the US Federal Reserve interest rate decrease of 50 basis points (bps) in September and Bitcoin's fourth halving in April.

#Altcoin FOMC #DODOEmpowersMemeIssuance