- Glassnode founders are optimistic about the possibility of an upcoming altcoin season.
- Despite ETH’s lackluster performance, BTC’s dominance remains high.
Jan Happel and Yann Allemann, the founders of Glassnode, predict a potential surge in altcoin activity in the near future. They note that while recent Bitcoin rallies to $70k did not trigger a similar movement in altcoins, the next phase could see BTC reaching new all-time highs with the support of a strong altcoin market, as shared by Happel and Allemann. They refer to their BTC/ALT cycle metric to support this claim.
“Is Altcoin Season just days away? Given an Altcoin Season, the next $BTC run-up will likely break March’s all-time high, carried by a strong #Altcoin undercurrent”
Source: X
The BTC vs. Altcoin cycle metric signals a potential alt season, with March being the last significant uptrend for altcoins. Currently, the metric is approaching the neutral mark of 50, indicating a possible surge in altcoin values, according to Happel and Allemann.
Is the altcoin season approaching?
These insights have sparked further analysis within the cryptocurrency community.
TechDev_12, another crypto analyst and investor, shares a similar sentiment, drawing parallels between Dogecoin’s price trends and the previous altcoin cycle before its explosive growth.
Source: TechDev_12
Analysts often use DOGE and ETH as indicators of the altcoin market’s strength. If DOGE’s pattern repeats and the correlation holds, an altcoin season could be on the horizon.
Despite previous failed altcoin season predictions, the approval of Spot ETH ETFs was seen as a potential catalyst by those monitoring the ETH/BTC ratio.
In a previous forecast, Glassnode’s founders anticipated an altcoin season based on this metric. However, the ETH/BTC ratio has since dropped to new lows without triggering a significant alt season.
Source: ETH/BTC, TradingView
With BTC’s ongoing dominance and the lack of significant altcoin movements, the outlook for an altcoin season remains uncertain for those monitoring ETH’s performance.
As per the Altcoin Season Index by Blockchain Centre, the current market trend favors BTC over altcoins.
Source: Blockchain Center
Although there has been a slight uptick in the Altcoin Season Index, it is not as strong as observed in late 2023 and early 2024. The sustainability of this recovery and the likelihood of a significant altcoin season are yet to be determined.
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