Originally published on: March 07, 2024
The recent correction in Bitcoin’s price after hitting a new all-time high has sparked a debate about the potential arrival of the altcoin season. While Bitcoin remains strong, altcoins, especially memecoins and AI-themed cryptocurrencies, have shown significant outperformance in the last week.
The global crypto market value surged past $2.5 trillion during Bitcoin’s brief stint above $69,000, with altcoins contributing to this growth. Total altcoin market capitalization crossed $1.1 trillion, showcasing a 64% increase over the last three months, outperforming Bitcoin’s 56% gain.
Memecoins like Dogecoin and Shiba Inu, along with tokens in the AI ecosystem, have witnessed remarkable rallies, hinting at the beginning of the altseason. Double and triple-digit gains within a week have been observed, with tokens like Pepe, Fetch.ai, Synesis One, and Theta Network leading the charge.
Analysts are closely monitoring the altcoin season index to gauge the timing of the altseason’s arrival. Despite increasing trends, experts believe that there is still room for altcoins to surge before reaching their full potential.
Some analysts anticipate a mega breakout for Bitcoin, signaling the start of the altseason. Others, like Charles Hoskinson, foresee specific milestones like DOGE surpassing ADA in market capitalization to mark the beginning of the altcoin season.
As the market gears up for possible altcoin season, investors are advised to conduct their own research and stay informed about market trends. Stay tuned for more updates on potential investment opportunities and trading strategies.
