HomeAltcoinsIs it a good idea to start getting ready for the next...

Is it a good idea to start getting ready for the next time when cryptocurrency prices rise?

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  • Bitcoin reached a record high of $70,184 on March 8, but then it dropped quickly.
  • New types of cryptocurrencies like memecoins and AI-themed cryptos are doing better than Bitcoin right now.
  • The total value of all cryptocurrencies is now more than $2. 5 trillion, and the value of alternative cryptocurrencies is more than $1.1.

Today Bitcoin’s value reached a record high of $70,184, but then quickly dropped. This made a lot of people start paying attention to altcoins, especially memecoins and AI-themed cryptocurrencies, which have been doing better than Bitcoin in the last week. This increase in altcoin activity has led people to talk about whether we are entering a season for altcoins.

Bitcoin went up to $70,000 for a short time, and the total value of all cryptocurrencies reached $2. 5 This shows that the market is doing well right now. This number has gone up to $2. 52 Similarly, other cryptocurrencies have been doing well, with their total value reaching over $1. 1 trillion on the same day, not including Bitcoin’s value. In the past three months, altcoins’ value went up by about 64%, from $697 billion to $1. 14 trillion by March 7th. This is a bit higher than Bitcoin’s 56% gain during the same time.

The rise in altcoins is because memecoins and AI-themed cryptocurrencies have been doing really well. For instance, Dogecoin went up by 20% and Shiba Inu by 130% in the past week. Other new tokens like Pepe, Bonk, and Dogwifhat have also gone up a lot in price.

Additionally, digital coins in the AI system like Fetch. ai, Synesis One, SingularityNET, and Theta Network, have all shown big increases in value. On the other hand, Bitcoin has only gone up by 8.5%.

Although altcoins have been doing well, it might be too soon to say that the altseason has begun. The altcoin season index checks if most of the top 50 coins did better than Bitcoin in the last 90 days. It found that only 69% of these altcoins did better than Bitcoin. This means that even though we are getting close, the conditions for an altcoin season have not been completely met.

But, a new report on the market by K33 Research says that things might change soon. The report shows that since November 2022, the value of Bitcoin has doubled compared to all other cryptocurrencies except for Ether. This is similar to what happened before the 2020 altcoin bull run. The report says that altcoins will start doing better soon, based on what has happened in the past.

CrediBULL, a person who studies things on their own, has given two options for when the altseason might begin. Bitcoin had a big surge in value, then other cryptocurrencies didn’t get as much attention until Bitcoin stopped growing. The second situation is when Bitcoin gets turned down or stays steady at its highest price ever. This would cause other cryptocurrencies to go up quickly. CrediBULL says that when Bitcoin reaches its highest price ever, other cryptocurrencies start to go up too when Bitcoin takes a break.

Michael van de Poppe, who runs MN Trading Consultancy, thinks that it is not yet time for altcoins to shine. He says that altcoins still need to increase their market value by 40-60% before reaching their highest point in 2021, which was above $1.1.

Charles Hoskinson, the founder of Cardano, said that the altcoin season will begin when DOGE becomes more valuable than ADA. This is a fun way to mark the start of the altseason.

Warning: This is not trading advice.

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