2023-07-21 23:10:10
Altseason: Expert bets on altcoin season in Q3
CriptoFácil – O (BTC) is heading to end the week in the red after two weeks of gains. And altcoins – alternative cryptocurrencies to BTC – follow the same path. Despite this, a crypto expert believes that the third quarter of this year, i.e. from July to September, will be an “altseason”: a season for altcoins.
“There are signs of a third-quarter altseason,” Gordon Grant, managing director of trading at Genesis Trading, told The Block. “If you look at the risk proxies that tend to drive when altcoins do well, one includes the , which is returning to its all-time high. Altcoins do well when the Nasdaq is rising.”
The is a stock exchange index, which brings together 100 of the largest non-financial companies on the North American NASDAQ electronic exchange. Since the beginning of 2023, the index has already risen by 38% and is now at around 14,000 points. This score is close to the all-time high of 15,498 points recorded in April 2021.
Altseason, altcoin season
One aspect that may corroborate this bullish prediction for altcoins is Bitcoin’s dominance. Since winning a partial – but very important – victory in its case against the US Securities and Exchange Commission (SEC), Bitcoin’s dominance has dropped to less than 50%.
This means that altcoins are gaining ground. XRP itself accumulated an 80% rally right after the win. Other tokens that had been classified as securities by the SEC also rose like (SOL), () and (MATIC).
According to TradingView data, Bitcoin dominance is currently at 49% — down from a high of 52% on June 29. And, according to CryptoQuant, this drop in Bitcoin market dominance signals a potential start to the altcoin season. A recent report from the company also points to the arrival of an “altseason”:
“Bitcoin’s decline in market cap dominance suggests that altcoin season may have begun,” the report states.
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