- In the early hours of today, the price of Bitcoin (BTC) surged to nearly $68,800, approaching all-time highs.
- In the past month, the market capitalization of altcoins has surprisingly increased by 50%, rising from $800 billion to the current $1.2 trillion.
- According to analysts, altcoins may start performing after Bitcoin (BTC) surpasses its previous all-time high.
Bitcoin price aims for new highs by seeing above $68K; But now investors are focusing on when the altcoin season will start!
Bitcoin Price Approaching New Records
In the early hours of today, the price of Bitcoin (BTC) surged to nearly $68,800, approaching all-time highs. Strong inflows into newly launched Bitcoin ETFs triggered an extraordinary rally in Bitcoin and the overall crypto market. However, some top market analysts believe that investors may start shifting their funds from Bitcoin to altcoins, potentially initiating a new altseason in the market.
In the past month, the market capitalization of altcoins has surprisingly increased by 50%, rising from $800 billion to the current $1.2 trillion. Meme coins, providing multiple returns within the last week alone, made significant contributions. On the other hand, leading altcoins such as Ethereum (ETH), Cardano (ADA), and Polygon (MATIC) have not yet joined the mega rally.
So, when does the altseason begin? CrediBuLL Crypto, a popular analyst in the crypto space, delves into discussions about the altseason, providing insights into possible scenarios. According to the analyst, altcoins may start performing after Bitcoin (BTC) surpasses its previous all-time high. However, the timing of this shift remains uncertain. CrediBuLL Crypto proposes two possible scenarios based on historical patterns.
In the first scenario, BTC significantly surpasses its previous ATH and doubles in value rapidly within a few weeks. During this swift ascent, altcoins may not experience significant gains as the focus is on BTC. Altcoins may start rallying after Bitcoin makes its move.
Alternatively, BTC may reach its previous ATH but face rejection or consolidation at these levels, lasting for a few weeks. During this period, altcoins may start rallying as BTC consolidates. Subsequently, when BTC continues its upward trajectory and doubles in value, altcoins may sustain their momentum.
In the first scenario, altcoins typically start a collective rally a few weeks after Bitcoin surpasses its previous all-time high. In the second scenario, altcoins may begin their rally right after Bitcoin touches its previous ATH, added CrediBuLL Crypto.
VanEck: ETH Expected to Surpass BTC
Matthew Seigel, Head of Digital Assets at VanEck, stated in a recent interview with CryptoQuant that 2024 will be a year for Ethereum and other altcoins. By 2024, Ethereum is expected to gain 56% compared to Bitcoin’s ongoing 50% gains.
Seigel said, “I think by the end of the year, I will think that ETH has outperformed BTC.” He particularly emphasized the medium-term potential for ETH, especially in a halving year, to surpass Bitcoin. Seigel believed that Ethereum would not surpass Bitcoin in the largest crypto asset class but would certainly outperform it in this asset class. Thus, the Ethereum price rally could trigger a new altseason progressing toward 2024.
Interestingly, Seigel also touched upon the strong inflows into Bitcoin ETFs. He added that these banks and bank-owned brokers are slow to list these ETFs because the U.S. government does not want to offer these assets to their customers. However, some major banks, such as Morgan Stanley, are currently considering this. Seigel also noted that the regulatory outlook may change over time, but crypto investors should keep in mind that this is not a U.S. asset class; instead, it is an asset against the dollar.
