Originally published on: October 24, 2024
As Bitcoin continues to soar, breaking its all-time high and reaching $67,807, investors are eagerly awaiting the start of an altcoin season. According to analysts at crypto investment firm Hashkey Capital, the much-anticipated altcoin season may only kick off once Bitcoin surpasses the $80,000 mark.
In their Oct. 23 market report, Hashkey Capital analysts stated that for altcoin season to begin, Bitcoin’s price needs to rise above $80,000, representing an 18% increase from its current price of $67,331. Additionally, Bitcoin’s dominance in the market will likely need to reach between 62% and 70% for altcoins to rally.
Currently, Bitcoin’s dominance stands at 58.94%, slightly below its recent high of 58.77%. Despite this, market experts believe that an altcoin season is long overdue, with many pointing to the recent surge in memecoins as a sign of what’s to come.
Among the top 100 cryptocurrencies by market capitalization, Goatseus Maximus (GOAT) has emerged as the top performer, recording a 160.13% increase in price over the past week. Following closely behind is Cat in a dogs world (MEW) with a 25.58% gain, and Popcat (SOL) (POPCAT) with a 17.13% increase.
While some traders remain cautious about the altcoin season, citing early speculation on risky coins, market sentiment is growing more positive. As investors await Bitcoin’s climb to $80,000, the cryptocurrency landscape is poised for an exciting shift.
Please note that this article does not offer investment advice, and readers are encouraged to conduct their own research before making any financial decisions. Stay informed with the latest market insights by subscribing to our Markets Outlook newsletter for exclusive updates every Monday.
