Glassnode: Altcoin Season Begins Soon But Corrections First

The altcoin season will begin soon according to the founder of Glassnode. (Photo; Doc. TheFintechTimes)

JAKARTA - The cryptocurrency market is predicted to be excited again because the altseason aka altcoin season will begin soon. Two founders of Glassnode, Jan Happel and Yann Allemann, known as Negentropic, think that altcoin will pass one last correction before finally outperforming Bitcoin (BTC) in the altcoin season (altseason).

Through uploads on social media X to his 63,400 followers, Negentropic revealed that despite the possibility of a short-term decline, many altcoins are ready to achieve strong performance. They said, "The altcoin opportunity is in sight. Our Bitcoin-altcoin cycle indicator shows that we are currently in Bitcoin dominance, and when altcoins plummet, it creates an entry opportunity for investors."

The cyclical indicators they use monitor traders' preferences between Bitcoin and altcoins. When the indicator numbers are above 50, this indicates that altcoins have the potential to surpass Bitcoin. If Bitcoin manages to penetrate resistance levels and indicators rise above 50, Negentropic predicts a strong altcoin season will occur.

Currently, the price of Bitcoin is trading at around 68,708 US dollars (Rp1,064 billion) per coin, with a 2% increase in the last 24 hours. This increases market optimism for altcoin performance.

In addition, Happel and Allemann highlight the strength of layer-1 projects such as Solana (SOL), Ethereum (ETH), and BNB, which are predicted to continue to lead the market. However, projects such as Cardano (ADA) and Polkadot (DOT) are considered to have started to lose momentum.