Recent Bitcoin price action marked with a correction From its highest price of $108,135 reached just a week ago. Although Bitcoin has largely held above $90,000, the correction has seen the digital currency fall to $92,500 in the past 24 hours. This decline has not only shaken confidence in Bitcoin's immediate trajectory, but also turned attention to the altcoin market.
Although the altcoin market has also reflected this trend Due to the Bitcoin price correction, many investors and analysts expect the altcoin to rise soon. VanEck weighed in on that expectation with a confident announcement on X's social media platform. According to the investment firm, the crypto industry is currently in altcoin season, which began on November 27.
The altcoin season is already here — VanEck
Bitcoin, the leading digital currency, has It tried to maintain its price momentum Above the $100,000 mark raises questions about where the market might go. While many are fans of Bitcoin Expect another increase in 2025 With the incoming Trump administration in the US, other cryptocurrency analysts They have turned to the altcoin market. Interestingly, VanEck analysts suggest The current cryptocurrency environment may favor altcoins over Bitcoin.
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Matthew Siegel, head of digital research at VanEck, elaborated on this phenomenon, explaining that Bitcoin's dominance in terms of market cap, liquidity and volume often sets the stage for altcoins to outperform. As capital flows into the market, risk-taking sentiment tends to fuel new cryptocurrency applications, particularly decentralized finance, gaming and NFT applications, which in turn allows the altcoin market to outperform bitcoin, according to Siegel.
VanEck's outlook on the altcoin season also highlights data from the Artemis Altcoin Season Indicator, which shows how many of the top 50 altcoins outperform Bitcoin over a 90-day period. According to this index, which varies from 0 to 1, the altcoin season starts with 0.6. At the time of writing, the index is currently well above this level and recently reached 0.8. This indicates that the crypto industry is currently in an altcoin season where the profits extracted from Bitcoin are starting to trickle down to the top altcoins.
Different views on current criteria
Interestingly, the Artemis Altcoin Season Index differs from more conventional metrics, such as those provided by CoinMarketCap. CoinMarketCap defines an altcoin season as a period in which 75% of the top 100 altcoins outperform Bitcoin over the past 90 days. By that measure, the index currently stands at 51, though it hit an impressive 87 on December 4.
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Nevertheless, many market participants are waiting for an altcoin season, and many are betting on the outperformance of many of the top altcoins against Bitcoin. The altcoin season has officially begun, according to a recent technical analysis by cryptocurrency analyst Captain Fibic.
“$BTC (Dominance) Rising Wedge Breakout + Retest Confirmed! ✅ The #Altseason has officially begun – get ready for the ride! 🚀📈,” he said
Featured image created with Dall.E, chart from Tradingview.com
