- Bitcoin price volatility has fallen sharply, allowing altcoins to shine
- Altcoin Season Index Revealed Market Will Turn in Favor of Alts Soon
Bitcoin (BTC) Investors have been waiting a long time to see the royal coin reach $100,000, but it is taking too long. Could this wait be longer? Well, a few recent updates could push BTC into the background and allow altcoins to shine in December 2024.
Does this mean a new altcoin season is coming soon?
Bitcoin dominance declines
Over the past few days, Bitcoin has consolidated around the $96,000 range. This contributed to a massive drop in King Coin volatility. This drop in volatility has led to another major development.
Captain Faibik, a popular crypto analyst, recently shared a tweet revealing this incident. According to the same document, the dominance of Bitcoin has been evolving in an ascending trend since the beginning of 2022.
Recently, the chart left this trend, but in a southerly direction, hinting at a rise in altcoins. In fact, Captain Faibik even talked about a 2024-2025 altcoin season in the tweet.
Source:
Is an altcoin season really here?
The fall in BTC dominance is actually helping altcoins increase their own market share. As reported previously According to AMBCrypto, many believe there could be a new altcoin season coming. Although there is a good chance that this will happen in 2025, the recent trend of events suggests that it could happen sooner than expected.
In fact, it might have already started. For example, Ethereum (ETH)the king of altcoins, remained bullish over the past 24 hours as bulls pushed its price up more than 3%. Other assets with large market capitalization have also seen promising performances.
At the top of the list was XRPwith gains of over 12% in the last 24 hours alone.
Additionally, AMBCrypto analysis revealed that the altcoin season index recorded a strong rise and reached 67, at press time. For reference, a value closer to 75 hints at an altcoin season.
Source: Blockchaincenter
Since Ethereum is the top altcoin on the market, AMBCrypto planned to examine it to see if its on-chain data hinted at a sustained bullish rally. An assessment of the same could help identify the next altcoin season.
Well, despite the latest price rally, ETH’s NVT ratio has remained low. A decline in this metric means an asset is undervalued, suggesting a sustained rise in prices.
Source: Glassnode
According to the altcoin’s daily chart, it was testing resistance at press time. However, the problem was that its Relative Strength Index (RSI) was about to enter the overbought zone. This could trigger a selling frenzy and prevent the token from progressing higher on the charts.
Read Ethereum (ETH) Price Prediction 2024-2025
Therefore, even though most indicators and market conditions suggest an altcoin season, the question remains whether it will happen in the near term or not.
Source: TradingView
