VanEck Declares Altcoin Season as Bitcoin Price Struggles Below $100,000
The recent Bitcoin price action has seen a correction from its all-time high of $108,135, falling to as low as $92,500 while largely maintaining a position above $90,000. This decline has shifted focus towards the altcoin market.
Despite mirroring Bitcoin's trend, many investors anticipate an altcoin rally soon. VanEck announced on social media that the crypto industry is currently in an altcoin season that began on November 27.
Altcoin Season Is Here—VanEck
Bitcoin has struggled to hold its price above $100,000, prompting speculation about future market direction. While some Bitcoin supporters expect a resurgence in 2025 coinciding with a new U.S. administration, analysts are increasingly looking at the altcoin market. VanEck analysts suggest the current environment may favor altcoins over Bitcoin.
Matthew Sigel from VanEck explained that Bitcoin's market cap and liquidity create conditions for altcoins to excel. As capital enters the market, risk-on sentiment boosts emerging crypto applications, especially in decentralized finance, gaming, and NFTs, allowing altcoins to outperform Bitcoin.
VanEck referenced Artemis’s Altcoin Season Index, which indicates when top altcoins outperform Bitcoin over a 90-day period. The index starts signaling an altcoin season at a reading of 0.6, and it recently reached 0.8, suggesting current favorable conditions for altcoins.
Diverging Views On Current Metrics
Artemis’s Altcoin Season Index contrasts with metrics from CoinMarketCap, which defines an altcoin season as when 75% of the top 100 altcoins outperform Bitcoin over the past 90 days. Currently, this measure sits at 51, having peaked at 87 on December 4.
Many market participants predict an upcoming altcoin season, betting on the outperformance of several top altcoins. Crypto analyst Captain Faibik confirmed through technical analysis that altcoin season has officially begun.
“$BTC (Dominance) Rising Wedge Breakout + Retest confirmed! #Altseason has officially begun—get ready for the ride!” he stated.
