Ethereum

Solana

Bitcoin

April

when

Although Bitcoin recent price plunge has sent several Altcoins on a free fall, with declines ranging from 30% to 70%, there appears to be a beacon of hope set to shine through the murk. 
The recent Bitcoin Halving in April is what the altcoin market needs to recover and surge beyond its highest levels. 
<h2 data-id="8f2bbeb7-6156-4624-83e9-ad4f9cbb6673" data-pm-slice="1 1 []">Bitcoin Halving: A Gateway to Altcoin Prosperity?</h2> 
Bitcoin usually undergoes a Halving every four years, and this major event halves the block reward for miners in half. This fall in supply has normally triggered a bullish rally not only for Bitcoin but also for the altcoin market. 
Crypto analyst Wise Advice <a href="https://x.com/wiseadvicesumit/status/1811396105986343249" target="_blank" rel="noopener nofollow">elaborates</a> that following each Bitcoin halving, there is a <a href="https://www.newsbtc.com/altcoin/analyst-predicts-major-gains-for-these-altcoins-but-warn-against-xrp-and-ada/" target="_blank" rel="noopener ">pronounced potential</a> for altcoins to surge. The analyst particularly noted: 
<blockquote> 
 I know when altcoin season will happen. And I’ll show you it… ‘Halving’ It all depends on it […] When halving happens, after 1–1.5 years, the BTC ATH come And near that, ETH and other altcoins boom. 
</blockquote> 
Historically, this Halving period has seen an explosion of attention for altcoins, driving their prices higher due to the scarcity concerns from Bitcoin following this <a href="https://www.newsbtc.com/altcoin/bitcoin-reach-100000-altcoins/" target="_blank" rel="noopener ">event</a>. 
For example, in the previous Bitcoin Halving on November 9, 2021, leading altcoins, including — Ethereum (ETH) and Solana (SOL), Polkadot. (DOT), Avalanche (AVAX) all recorded a new all-time high. 
For context, ETH peaked at $4,800 on November 10, SOL came in too with its new peak at $250 5 days earlier as revealed by Wise Advice, while DOT’s peak at $55 happened on the 4th of that month, and AVAX peak at $144 occurred later that month on the 21st. 
<img loading="lazy" decoding="async" class="wp-image-629581 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-12-at-17.40.35.png?w=860&amp;resize=860%2C671" alt="Altcoins hitting ATH after Bitcoin Halving" width="860" height="671" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-12-at-17.40.35.png?w=950 950w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-12-at-17.40.35.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-12-at-17.40.35.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-12-at-17.40.35.png?w=860&amp;resize=860%2C671 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-12-at-17.40.35.png?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
<h2 data-id="a605a483-a583-4cb6-9215-2e8b7d68d1ea" data-pm-slice="1 1 []">How Does The Halving Points To Alts Season Now?</h2> 
As Wise Advice’ post suggests, such patterns underscore a recurrent theme: post-halving, money flows from Bitcoin into altcoins, significantly buoying their <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-analyst-btc-cycle/" target="_blank" rel="noopener ">market positions</a>. 
<img loading="lazy" decoding="async" src="https://pbs.twimg.com/media/GSNefumasAAPvP7?format=jpg&amp;name=medium" alt="Path to altcoin season." width="920" height="883"> 
The analyst explained: 
<blockquote> 
 The more they buy, the higher the price goes. And it makes investors profitable. They sell a part of it and send to Ethereum and other tokens. The market cap of these are way lower, so even the inflow of $100 million can make a huge change (a month before the ATH, Bitcoin MC was in 2.5 times larger than Ethereum.) That’s why Solana and Polkadot’s ATH was 4-5 days faster. Then money goes to even smaller Alts. And they start to overperform big ones. The smaller they were, the bigger the growth was. 
</blockquote> 
Notably, this shift is often reflected in Bitcoin’s dominance index—a metric that measures Bitcoin’s market capitalization relative to the total market cap of <a href="https://www.newsbtc.com/altcoin/altcoins-in-buy-zone-analytics-firm-reveals/" target="_blank" rel="noopener ">all cryptocurrencies</a>. As observed post-halving, a decline in this index signals a growing interest in altcoins. 
Bitcoin <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-falls-56k/" target="_blank" rel="noopener ">dominance</a> is now at 54.60%, a slight decrease from above 55%. Earlier this month, according to TradingView. Notably, the fact that the index is still somewhat high, as it still stands above 50%, suggests that the market still favors BTC. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/SG7nYTZc/" alt="Bitcoin dominance amid the Altcoin market performance" width="2770" height="1496"> 
However, the recent decrease could be the early signs of an emerging altcoin season. Analysts at Glassnode make a similar <a href="https://x.com/Negentropic_/status/1811743865277227142" target="_blank" rel="noopener nofollow">point</a>, linking present market circumstances with those in late 2020 when smaller stocks and riskier assets boomed, pointing towards an impending altcoin season. 
<blockquote class="twitter-tweet"> 
 Rotation coming? 
 Yesterday, we saw how <a href="https://twitter.com/hashtag/Nasdaq?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Nasdaq</a> declined &gt;2% – while <a href="https://twitter.com/hashtag/IWM?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#IWM</a> rallied &gt;3%. 
 This is a clear indication of Rotation. The move to riskier assets. 
 Will we also see this is <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#BTC</a> and <a href="https://twitter.com/hashtag/Alts?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Alts</a>? 
 Well – in November 2020, we had a day just like yesterday. IWM soared and… <a href="https://t.co/WG9pooRxh1" target="_blank" rel="noopener nofollow">pic.twitter.com/WG9pooRxh1</a> 
 — 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) <a href="https://twitter.com/Negentropic_/status/1811743865277227142?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">July 12, 2024</a>
</blockquote> 
Featured image created with DALL-E, Chart from TradingView

Is Altcoin Season Around the Corner? Bitcoin Halving Points to Potential Boom, Analyst Reveals

Mục lục

NewsBTC

Các bài viết khác được xuất bản trên 13 thg 7, 2024

ICYMI: The German Government Is Not The Only Entity Selling Bitcoin

Dodge TRX’s Legal Arrows and FDUSD’s APY Drought with MoonBag’s Best Crypto Presale in 2024!

Investors Are Ditching Near Protocol (NEAR) and Stellar (XLM); Analysts Tip Rollblock For +50x Ga...

Ethereum gas fees hit new low as Pectra dawns – What next?

Record inflows for Bitcoin ETFs as market sees renewed interest

PEPE, SHIB, DOGE & FLOKI In The Red Is The Meme Coin Market Dead? Investors Seek Altcoins Like Ro...

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!