Meme Coin Rally: Could Herald the Upcoming Altcoin Season!!! Recently, the biggest and oldest cryptocurrency, Bitcoin (BTC), continues to lead the digital asset rally. However, according to analysts, smaller tokens could emerge in the so-called “altcoin season” that may soon occur.
BTC has already approached its all-time high in 2021 and surpassed 64,000 dollars this week with strong entries. It has shown a 48% increase since the beginning of the year. However, indices like CoinDesk 20 Index, which is a broad market index, showed a 33% increase over the same period, indicating that the altcoin sector is lagging behind.
However, according to the Friday’s market report from K33 Research analysts, the situation could soon change. Based on the past, the analysts point out that altcoins might start catching up with BTC’s performance. Since the market bottom in November 2022, bitcoin’s market value has doubled compared to the total value of all cryptocurrencies excluding BTC and ether (ETH). This, according to analysts, resembles the period when altcoins began to catch up with BTC towards the end of 2020.
This week’s “massive” meme coin rally is seen as a “possible early sign” of the upcoming altcoin season. Dog-themed tokens such as Dogecoin (DOGE) and Shiba Inu (SHIB) have gained 40-50% this week, while some newer entries like Pepe Coin (PEPE), Bonk (BONK), and Dogwifhat (WIF) have doubled in price during the same period.
However, according to the report, timing the altcoin season could be a “risky game”. With Bitcoin ETFs changing the crypto investment environment, it’s uncertain when the money flowing into bitcoin will seep into smaller assets. According to Swissblock analysts, a chart showing that altcoins’ performance against BTC has hit bottom levels could indicate that altcoin prices could start rising compared to BTC. But ETH passing the $3,500 price threshold could be a key signal to confirm the start of altcoin season.
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