Bitcoin

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Jan Happel and Yann Allemann, cofounders of prominent cryptocurrency analytics platform Glassnode,&nbsp;<a href="https://x.com/Negentropic_/status/1811743865277227142" rel="noopener noreferrer nofollow">believe</a> that another altcoin season could be on the horizon.
The analysts pointed to the fact that the tech-heavy Nasdaq index declined 2% on Thursday. For comparison, the iShares Russell 2000 ETF (IWM), an index that is composed of small-capitalization stocks, was up more than 3%.
This indicates that investors are placing their bets on riskier assets that are likely to generate greater returns.
They compared the current situation to November 2020. Back then, the small-cap sector also started soaring and kept expanding its gains during the following months.
The analysts believe that a similar scenario is going to play out on the cryptocurrency market, with investors potentially rotating their capital into altcoin. "Will we see the same again? Will rotation create a massive rally in Alts? We think that may well happen!" the analyst&nbsp;<a href="https://x.com/Negentropic_/status/1811743865277227142" rel="noopener noreferrer nofollow">said</a>.
<h2 id="xrp-stealing-show">XRP stealing show</h2>
As&nbsp;<a href="https://u.today/bitcoin-traders-succumb-to-extreme-fear" rel="noopener noreferrer nofollow">reported by U.Today</a>, the Bitcoin market recently plunged into "extreme fear" territory for the first time in more than a year due to selling in Germany as well as Mt. Gox repayments.
The Bitcoin price failed to take out the $60,000 resistance level despite positive macro-financial signals such as cooler-than-expected U.S. inflation.
Even though most altcoins are in the red, XRP managed to stand out, with a 4% price spike over the past 24 hours. This came after CME Group's real-time indices and reference rates for the Ripple-affiliated cryptocurrencies. It is the best-performing cryptocurrency in the top 100.
Bitcoin's dominance currently stands at 50.9%, according to CoinGecko data.

Altcoin Season Might Be on Horizon, According to Glassnode Cofounders

Table of Contents

U_Today

Autres articles publiés le 12 juil. 2024

READYgg Launches RDYX Token on CoinList to Democratize Web3 Game Development

BAXUS Transforms Whiskey Financing with Tokenized Loans

Biden Press Conference Highlight: Retiring Is Not The Plan, Says President

MakerDAO’s $1 Billion Tokenized Treasury Competition Heats Up

Market Strategist Predicts 32% Stock Market Crash, How Will This Affect Crypto?

Crypto Giant Coinbase Issues Bearish Warning

Join our free newsletter for daily crypto updates!