According to a market report from crypto investment firm Hashkey Capital, breaking the current all-time high of $73,679 will not be enough to initiate an altcoin season for Bitcoin (BTC). The analysts at Hashkey Capital believe that altcoin season is more likely to occur when the price of Bitcoin surpasses $80,000.
To trigger an altcoin season, the analysts suggest that Bitcoin’s dominance will likely need to reach between 62% and 70%. Currently, Bitcoin’s dominance is at around 58.94%, after reaching a three-and-a-half-year high of 58.77%.
Some analysts argue that an altcoin season is long overdue. MN Trading Capital founder Michael van de Poppe highlighted that this is the longest bear market for altcoins, even longer than the period from 2014 to 2016.
In recent days, several memecoins in the top 100 cryptocurrencies by market capitalization have experienced significant price surges, leading market participants to believe that altcoin season may be on the horizon. GOAT, with a 160.13% increase, MEW with 25.58% gains, and POPCAT with 17.13% gains are among the coins that have seen the most growth.
However, there have been concerns that the altcoin season may not unfold as expected due to traders prematurely investing in speculative coins. Glassnode lead analyst James Check stated that the joke has been told, and traders have gone straight to the punchline, making it less amusing.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and exercise caution when making investment decisions.