Santiment Announces the Start of Altseason
Market data points to the beginning of the altcoin season, but there are worrying signals. This was announced by specialists at Santiment.
Bitcoin has reached a new all-time high of over $118,000. Against this backdrop, most of the leading cryptocurrencies outperformed Bitcoin in terms of price performance over the past seven days.
The largest Ethereum wallets (10,000 ETH or more) collectively own 75.74% of the coin's total supply. This is the highest level of concentration of the asset among whales since May 2017, and it acts as a ”powerful bullish signal,” the company's experts noted.
The number of XRP wallets storing more than 1 million coins reached an all-time high of 2,743. The volume of cryptocurrency they hold has also increased. Both trends are a ”very positive sign” for the asset from Ripple, Santiment emphasized.
Analysts estimate that the altcoin season will continue as long as Bitcoin holds above the key psychological level of $110,000. In such a situation, traders are comfortable redistributing profits from the growth of digital gold into other coins, they added.
Experts advised remaining cautious
The value of the MVRV metric for Bitcoin is one of the alarming signals. The ratio of market price to realized value of the asset has already surpassed the value recorded in May, which was followed by a correction after the previous all-time high.
Santiment also drew attention to the leadership in weekly growth by the meme-coin segment—plus 17%. This potentially points to the concluding phase of the market rally, experts believe.
”When speculative assets lead the market, it could mean that greed is peaking,” they noted.
For Ethereum, an alarming signal is the extremely optimistic sentiment regarding the asset. This usually indicates that a short-term price peak is approaching, Santiment said.
CoinMarketCap's altcoin index is at 27. The value indicates that traders still favor Bitcoin.
The dominance of the first cryptocurrency is 62.5%. Analyst Matthew Hyland noted that despite this, altcoins have shown impressive growth. However, the real rally will begin after Bitcoin's dominance is reduced to 45%, he believes.
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Santiment Announces the Start of Altseason
Market data points to the beginning of the altcoin season, but there are worrying signals. This was announced by specialists at Santiment.
Bitcoin has reached a new all-time high of over $118,000. Against this backdrop, most of the leading cryptocurrencies outperformed Bitcoin in terms of price performance over the past seven days.
The largest Ethereum wallets (10,000 ETH or more) collectively own 75.74% of the coin's total supply. This is the highest level of concentration of the asset among whales since May 2017, and it acts as a ”powerful bullish signal,” the company's experts noted.
The number of XRP wallets storing more than 1 million coins reached an all-time high of 2,743. The volume of cryptocurrency they hold has also increased. Both trends are a ”very positive sign” for the asset from Ripple, Santiment emphasized.
Analysts estimate that the altcoin season will continue as long as Bitcoin holds above the key psychological level of $110,000. In such a situation, traders are comfortable redistributing profits from the growth of digital gold into other coins, they added.
Experts advised remaining cautious
The value of the MVRV metric for Bitcoin is one of the alarming signals. The ratio of market price to realized value of the asset has already surpassed the value recorded in May, which was followed by a correction after the previous all-time high.
Santiment also drew attention to the leadership in weekly growth by the meme-coin segment—plus 17%. This potentially points to the concluding phase of the market rally, experts believe.
”When speculative assets lead the market, it could mean that greed is peaking,” they noted.
For Ethereum, an alarming signal is the extremely optimistic sentiment regarding the asset. This usually indicates that a short-term price peak is approaching, Santiment said.
CoinMarketCap's altcoin index is at 27. The value indicates that traders still favor Bitcoin.
The dominance of the first cryptocurrency is 62.5%. Analyst Matthew Hyland noted that despite this, altcoins have shown impressive growth. However, the real rally will begin after Bitcoin's dominance is reduced to 45%, he believes.
Read More