Research analysts suggested that market shift towards altcoin season from BTC was picking up pace. Are altcoins about to explode?
The recovery also boosted altcoins, as the Altcoin Season Index climbed to July levels. Select altcoins saw massive gains during the rally, especially amongst AI and memecoin segments.
However, the Alt season was not yet in full swing, as shown by the Altcoin Season Index reading of 37.A drop in BTC.D value could signal a breather for altcoins to pick up greater momentum.a potential shift, citing a surge in ETH gas prices that could signal increasing positioning to capture a potential windfall from an altcoin rally.
This meant that ETH’s value gained ground relative to BTC. Since it’s also a barometer of the altcoin market’s health, it suggested that altcoins saw a massive relief rally. 10X Research’s Mark Thielsen also shared a similar trajectory for altcoins. He noted a significant shift by savvy Korean and overall traders from BTC to altcoins.
“As Bitcoin soared above $60,000 and set its sights on breaking through $65,000, savvy traders have been accruing undervalued altcoins, a list consisting of TAO, ENA, SEI, APT, SUI, NEAR, and GRT.”Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
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