Is Crypto ‘Alt Season’ Back With Beyond-Bitcoin Rally?
Bitcoin (CRYPTO: BTC) managed to stay above the $45,000 mark for two consecutive 24-hour sessions but it is the altcoin space that is heating up once again begging the question: is the cryptocurrency “alt season” back again?
What Happened: BTC has shot up 14.83% over a seven-day trailing basis but at least 50 altcoins have outperformed the apex cryptocurrency in terms of weekly gains.
CoinMarketCap data indicates that several large tokens showed significant appreciation ranging between 35% to 101% during the last seven days.
See Also: How To Buy Bitcoin (BTC)
Top Altcoins By Weekly Performance Among 100 Largest Cryptocurrencies: Source: CoinMarketCap
Axie Infinity (AXS) and Dogecoin (CRYPTO: DOGE), which have shot up 10,832.25% and 4,677.83% since the year began, were up 52.54% and 37.37% during the period.
Shiba Inu (CRYPTO: SHIB), a self-described DOGE killer, has shot up 26.2% this week.
Why It Matters: The Altcoin Season Index from blockchaincenter.net, which pits 75% of top 50 coins’ performance against BTC, is signaling Bitcoin Season currently.
Altcoin Season Index: Courtesy: Blockchaincenter.net
But this might not remain true if Bitcoin does not push past the $46,000 resistance, and the longer the apex coin stays below that level, the more the chances that altcoins might outperform BTC.
On Wednesday, Delta Exchange CEO Pankaj Balani said he expects BTC prices to “consolidate for some time in the $40K-$45K range before taking decisive action toward the end of August, early September,” as per CoinDesk.
Balani believes the Bitcoin market should “take a breather” at the current levels. Should that happen, altcoins may have their day in the sun after all.