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Altcoin Season Debate: Has It Even Started?
A recent debate has ignited within the cryptocurrency community regarding the onset of altcoin season. While some traders believe it’s already underway, others argue it hasn’t even begun. This divergence in opinion stems from the current market conditions and the performance of various altcoins.
Michaël van de Poppe, founder of MN Trading Capital, contends that altcoin season is yet to commence. He dismisses predictions of an impending bear market, citing the current prices of many altcoins as being near their local bottoms. He predicts a bullish period of 12-24 months.
This perspective contrasts with the recent surge in Bitcoin’s price, which has prompted some Bitcoin traders to anticipate a pullback. The high reached its all-time high of $111,970, sparking calls for a correction.
Despite recent gains, many altcoins remain significantly below their January 19th levels, before the launch of the Official Trump coin. Solana (SOL), for instance, has seen a 17.84% increase over the past 30 days, trading at $175.17, yet it’s still down 32% since January 19th. Similarly, XRP shows a modest 1.98% gain over the past 30 days, trading at $2.31, but remains 29.35% below its January 19th level.
Other analysts share van de Poppe’s optimistic outlook, predicting a substantial rise in altcoin prices. The ETH/BTC ratio, currently at 0.02430, is up 26.74% over the past 30 days, suggesting potential outperformance of Ether (ETH) relative to Bitcoin – a condition many believe precedes altcoin season.
However, CoinMarketCap’s Altcoin Season Index currently scores 24 out of 100, indicating the market still favors Bitcoin. Despite this, some altcoins have shown exceptional gains over the past 90 days, with Fartcoin (FARTCOIN) leading the pack at 316.72%, followed by Four (FORM) at 148.15% and Virtuals Protocol (VIRTUAL) at 107.47%.
The timing and intensity of altcoin season remain uncertain, highlighting the volatility and inherent risks within the cryptocurrency market. Any investment decisions should be made after thorough research and consideration of personal risk tolerance.
