Bitcoin (BTC) has been struggling to maintain support at $64,800 since its fourth halving on April 20. Altcoins, particularly memecoins and layer 1 cryptocurrencies, have been outperforming BTC, which has sparked speculation about the arrival of altseason (altcoin season). Altseason refers to a period in the cryptocurrency market when altcoins surge in value and often surpass BTC. On April 24, trader and analyst Moustache noted that the altcoin total market cap excluding BTC, known as TOTAL2, had completed the correction phases of the Wyckoff-Method and was in the midst of a breakout.
Crypto investors have been eagerly awaiting a rise in altcoin prices because they often offer higher risk-to-reward ratios. In a previous post on April 23, the analyst observed that TOTAL2 had broken out of a falling wedge on the monthly chart, reflecting a similar pattern seen during the 2020 to 2021 market cycle. Another analyst, Lark Davis, pointed out that the altcoin market cap had reclaimed support from the 50-day exponential moving average, suggesting a potential upward move. Although this support was lost on April 24, a bullish crossover from the moving average convergence divergence (MACD) indicator indicated that altcoins might be ready for a rally.
Despite these positive signs, altcoins have experienced corrections since reaching highs in mid-March. BTC remains 12% below its all-time high, and a flash crash on April 24 threatened to take its price below $65,000. The sentiment toward altcoins is currently low, with many pessimistic about the possibility of an altseason. The altcoin season index by Blockchain Center also reflects this sentiment, showing that only 41% of the top 50 altcoins have outperformed Bitcoin in the last 90 days. The index states that for it to be considered altcoin season, 75% of the top 50 coins should have performed better than Bitcoin in the previous season.
Based on this index, it can be concluded that altcoin season has not yet arrived.
Altcoins are gaining momentum! Exciting times ahead!
It’s frustrating to see altcoins struggle while Bitcoin remains stagnant. 😤📉
Altcoins are taking the lead! Exciting times for crypto investors!
Altcoins are stepping up their game! This is incredible to witness! 📈💥
The fact that memecoins and layer 1 cryptocurrencies are performing better than BTC is a major blow to its reputation.
The altcoin market is in full swing! This is the time to make some serious gains!
Altcoins experienced corrections after their highs in mid-March, and it’s disheartening to see them struggle.
It’s amazing to see altcoins outperforming Bitcoin! The tide is turning!
Altcoins are on the rise! Time to buckle up for the ride!