BPOI Banner
Why These Altcoins Are Trending Today — October 28 Why These Altcoins Are Trending Today — October 28

Why Altcoin Season May Be Delayed Till After Elections

As the US Presidential Election draws near, Bitcoin’s dominance over the cryptocurrency market is rising. This potentially dampens hopes for an altcoin season.

Bitcoin’s dominance, measured by BTC.D, has climbed to its highest level since 2021. This surge coincides with significant capital inflows into Bitcoin ETFs and a relatively stagnant performance of many altcoins.

Bitcoin For the Win

Bitcoin dominance measures the coin’s market capitalization relative to the total market capitalization of all other cryptocurrencies. As of this writing, it sits at 59.77, its highest level since April 2021. 

When BTC.D climbs, Bitcoin’s share of the total cryptocurrency market capitalization is increasing relative to altcoins. BeInCrypto’s assessment of its key momentum indicators confirms the strengthening bullish bias toward the leading coin and the likelihood of extended dominance. 

Read more: Which Are the Best Altcoins To Invest in October 2024?

Bitcoin Dominance. Source: TradingView

For example, readings from the BTC.D’s moving average convergence/divergence (MACD) show its MACD (blue) resting above its signal line (orange) as of this writing. 

This setup suggests that Bitcoin is currently seeing increasing strength within the crypto market, outpacing altcoins in terms of market cap share. It indicates that the current market conditions are less conducive for an altcoin season, with Bitcoin likely to outperform many of these assets in the near term.

BTC.D MACD
BTC.D MACD. Source: TradingView

Demand for Bitcoin spot exchange-traded funds (ETFs) has surged recently, highlighting strong interest in the leading cryptocurrency. In a recent report, digital asset research firm 10X Research indicated that rising BTC ETF demand could drive Bitcoin’s price to $100,000 by January 2025.

“Bitcoin spot ETFs purchased $4.1 billion in October alone— the highest volume since March 2024—with buy momentum showing no signs of slowing as all ETF buyers remain profitable. Last night, spot ETFs acquired an additional $830 million in Bitcoin, bringing the 5-day total to $2.1 billion. With ETF demand going parabolic, Bitcoin is set to follow suit. If this trend holds, our quant signal also projects a potential rally to $100,000 by the end of January 2025,” the research firm wrote. 

TOTAL2 Consolidates Within a Range

With capital flowing into Bitcoin ETFs, individual and institutional investors are more likely to prioritize BTC investments over less-established altcoins. As a result, less capital flows into the altcoin market reducing their price momentum and trading volumes.

TOTAL2 Price Analysis
TOTAL2 Price Analysis. Source: TradingView

This has played out as reflected by TOTAL2’s (the total market capitalization of all cryptocurrencies excluding Bitcoin) sideways movements since early August. While BTC.D has rallied, TOTAL2 has consolidated within the $967 billion and $856 billion price range. 

This consolidation indicates that altcoin traders have been uncertain about the next direction prices will take. This has led to decreased volatility and trading volume, further delaying the altcoin season.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Altcoin Season Index
Altcoin Season Index. Source: Blockchain Center

Moreover, the altcoin season commences when at least 75% of the top 50 altcoins outperform Bitcoin over a three-month period. Recent data from Blockchain Center reveals that only 29% of these top altcoins have surpassed Bitcoin’s performance in the past 90 days — well below the 75% threshold required to declare an altcoin season officially.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Source link

Abiodun Oladokun

https://beincrypto.com/hopes-fade-for-altcoin-season/

2024-10-30 23:30:00

bitcoin
Bitcoin (BTC) $ 94,477.31 3.00%
ethereum
Ethereum (ETH) $ 3,260.29 3.00%
tether
Tether (USDT) $ 0.999347 0.13%
xrp
XRP (XRP) $ 2.18 3.34%
bnb
BNB (BNB) $ 644.03 3.33%
solana
Solana (SOL) $ 178.70 2.12%
dogecoin
Dogecoin (DOGE) $ 0.308606 4.07%
usd-coin
USDC (USDC) $ 1.00 0.02%
staked-ether
Lido Staked Ether (STETH) $ 3,253.61 2.92%
cardano
Cardano (ADA) $ 0.87368 3.55%
tron
TRON (TRX) $ 0.242659 1.20%
avalanche-2
Avalanche (AVAX) $ 36.10 3.71%
chainlink
Chainlink (LINK) $ 21.82 2.26%
the-open-network
Toncoin (TON) $ 5.36 0.50%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,872.17 2.56%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 94,342.28 2.80%
sui
Sui (SUI) $ 4.28 3.51%
shiba-inu
Shiba Inu (SHIB) $ 0.000021 2.65%
stellar
Stellar (XLM) $ 0.35167 1.23%
polkadot
Polkadot (DOT) $ 6.76 3.26%
hedera-hashgraph
Hedera (HBAR) $ 0.260897 2.23%
hyperliquid
Hyperliquid (HYPE) $ 26.77 18.21%
weth
WETH (WETH) $ 3,257.89 2.94%
bitcoin-cash
Bitcoin Cash (BCH) $ 440.66 3.12%
leo-token
LEO Token (LEO) $ 9.33 0.15%
uniswap
Uniswap (UNI) $ 13.73 1.56%
litecoin
Litecoin (LTC) $ 98.80 2.54%
pepe
Pepe (PEPE) $ 0.000018 0.43%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,436.19 2.44%
near
NEAR Protocol (NEAR) $ 4.98 1.80%
ethena-usde
Ethena USDe (USDE) $ 0.999716 0.11%
bitget-token
Bitget Token (BGB) $ 4.11 3.42%
usds
USDS (USDS) $ 1.00 0.05%
aptos
Aptos (APT) $ 9.04 5.19%
aave
Aave (AAVE) $ 315.87 4.87%
internet-computer
Internet Computer (ICP) $ 9.82 2.59%
crypto-com-chain
Cronos (CRO) $ 0.15295 3.34%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.469023 1.47%
mantle
Mantle (MNT) $ 1.16 1.42%
ethereum-classic
Ethereum Classic (ETC) $ 25.77 1.52%
vechain
VeChain (VET) $ 0.04499 0.86%
render-token
Render (RENDER) $ 6.94 3.16%
whitebit
WhiteBIT Coin (WBT) $ 24.37 0.25%
monero
Monero (XMR) $ 189.50 3.02%
mantra-dao
MANTRA (OM) $ 3.64 0.95%
dai
Dai (DAI) $ 0.999439 0.14%
bittensor
Bittensor (TAO) $ 444.21 3.00%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.24 2.61%
arbitrum
Arbitrum (ARB) $ 0.738004 1.71%
ethena
Ethena (ENA) $ 1.02 1.60%