The recent activity in the Bitcoin and altcoin markets has attracted attention, with the BTC price surpassing $87,000 for the first time in months, while Ethereum exceeded $2,800.
While other altcoins followed suit, Hyperliquid, UNI, and AVAX experienced significant gains, partly due to the SEC’s exemption announcement last week.
At this point, as US regulators accelerate the expansion of the digital asset and tokenization market, related cryptocurrencies, including HyperLiquid (HYPE), are generally performing strongly. Accordingly, HYPE reached an all-time high of $96 during the day, pushing its market capitalization above $20 billion. Along with HYPE, Uniswap (UNI) rose by approximately 40%, Avalanche (AVAX) by 47%, Ethereum (ENA) by approximately 50%, and Ondo (ONDO) by 26%.
While the activity in altcoins is attracting attention, on-chain analytics company Glassnode stated that the rise in the cryptocurrency market, led by Bitcoin, has spread to altcoins and this can be considered a sign of new momentum.
Glassnode analysts, in their assessment, stated that the “Altcoin Cycle Signal” indicator has shifted from a Bitcoin season to an altcoin season, and that capital flows are generally shifting from Bitcoin to altcoins.
“The altcoin cycle signal has just shifted from bitcoin to altcoin season.”
Unlike the August Move, What Does This Signal Mean?
According to Glassnode, during the initial recovery in August, while Bitcoin was rising, there was no significant movement in altcoin prices. However, the latest surge has changed, with Bitcoin’s movement spreading to a wider range of altcoins. The company noted that this recent rise has supported an overall upward trend in the altcoin market.
“…The initial rally in August was a period where altcoins remained relatively stable while BTC moved.”
However, today’s rally has spread to the entire altcoin market.”
Glassnode’s Altcoin Cycle Signal indicator compares the performance of Bitcoin with that of the top 250 altcoins by market capitalization. The indicator pointing to an altcoin season means that altcoins tend to perform more strongly than Bitcoin during the measurement period.
*This is not investment advice.
Continue Reading: The Balance is Shifting for Cryptocurrencies: Glassnode Says “Altcoin Season” and Reveals Its Expectations!