Introduction
The cryptocurrency market is known for its volatility, and investors are always on the lookout for the next big trend. One such trend is the “altseason” which refers to a period when altcoins outperform Bitcoin. But is it the altseason yet? Let’s take a look at what the experts are saying.
What is Altseason?
Altseason is a term used to describe a period when altcoins, or alternative cryptocurrencies, outperform Bitcoin. This usually happens when the top 50 cryptocurrencies have better growth than Bitcoin in a 90-day period. Altseasons have been known to occur several times a year and often happen within a relatively short period of time. During an Altseason, investors can make significant gains by investing in altcoins that are performing well.
Also Read: Supreme Court Upholds Coinbase’s Arbitration Victory
What are the experts saying?
According to a research note by Squarespace, Bitcoin exhibits seasonality consistent with that found in equities, and altcoins, proxied by Ethereum, also exhibit statistically significant and predictably recurring seasonal trends on both absolute and relative bases. The report suggests that a hypothetical back-tested portfolio that dynamically allocates between Ethereum and Bitcoin based on the season would have outperformed buy-and-hold strategies for both assets.
The Altcoin Season Index by Blockchaincenter is another tool that investors can use to determine whether it is Altseason. If 75% of the top 50 coins performed better than Bitcoin over the last season (90 days), it is Altcoin Season. Excluded from the top 50 are stablecoins and asset-backed tokens.
Cointelegraph reports that traders use three key indicators to determine when Altseason begins: the Altseason Indicator, the ETH/BTC chart, and the history of the altcoin market capitalization. The Altseason Indicator provides a more metrics-based method for predicting when the market is in “Bitcoin season” and “altcoin season”.
Arthur Hayes, the co-founder of BitMEX, thinks that ETH’s recent price increase indicates that the Altcoin season is here. Another report by Analytics Insight suggests that Dogetti, Ethereum, and Dogecoin could be key players in 2023’s Crypto Rollercoaster.
Also Read: The Rise of Decentralized Finance (DeFi)
Conclusion
While there is no definitive answer to whether it is the altseason yet, the tools and indicators mentioned above can help investors make informed decisions. It is important to remember that the cryptocurrency market is highly volatile, and investing in altcoins can be risky. Investors should always do their own research and invest only what they can afford to lose.
In conclusion, Altseason is a period when altcoins outperform Bitcoin, and it can occur several times a year. The experts suggest that it may be Altseason now, but investors should always do their own research and invest wisely.
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Written by Agbo Obinnaya.
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