- The expected altcoin season could still happen before Bitcoin’s next halving.
- Altcoins such as INJ, LINK and SOL are showing signs of strength and readiness for a rally.
This was the case for most of the second half (H2) of 2023 speculation that an altcoin season was coming. But to the disappointment of the long-awaited people, altcoins could not live up to the expectations.
How many Worth 1,10,100 BTC today?
For context, an altcoin season describes a period when cryptocurrencies are performing better Bitcoin [BTC].
Patience is the name of the game
However, trader and founder of MN Trading Michaël van de Poppe believed that this possibility should not be written off. He believed that Bitcoin’s increasing dominance could have put an end to the development of the Bitcoin crisis initial altcoin sentiment.
The analyst also said that this cycle, which is the longest bear market on record, may also have pushed altcoin season forward.
#Altcoins are in the latter part of the bear cycle.
Yes, it feels relatively painful. The sentiment has completely disappeared, no interest in crypto.
The only thing that moves is #Bitcoin and still you have to crack some levels.
The end is near for the bear market. Read here👇… pic.twitter.com/TLijWdMNKF
— Michaël van de Poppe (@CryptoMichNL) October 18, 2023
AMBCrypto previously had that reported whose rise to Bitcoin market dominance has set back its strength Ethereum [ETH], Ripple [XRP]And Binance coin [BNB].
Despite the weakness shown by these cryptocurrencies, Van de Poppe noted that the historic altcoin season would occur before Bitcoin’s halving in 2024.
Furthermore, the analyst defended his point by giving an example of tokens that performed well.
According to van de Poppe, the strength shown by people like Solana [SOL], injective [INJ]And Chain link [LINK] is proof that the current cycle would be no different than the previous one.
At the time of writing, INJ was up 10% in the last 30 days. Left performance during the same period there was also an increase of 8.76%, while SOL had more at 18.42%.
Source: Santiment
The market may be prepared for altcoins
But price action isn’t the only metric that can impact potential performance. Other statistics related of network activity can also help predict how far a cryptocurrency’s value can go.
For starters, Injective’s 30-day active addresses doubled between October 15 and the time of writing.
Active addresses show the level of interaction around a project. So the rise in the benchmark suggests that there was a lot of speculation (possible accumulation) around INJ.
In a case where the interaction maintains the status quo, INJ’s price may not be far away from a substantial increase.
Another metric to consider in this regard is token circulation. But this time the focus is on Chainlink.
At the time of writing, LINK’s circulation (30d) had fallen to 52.12 million, meaning many of the tokens have not been used and have remained inactive within the aforementioned time frame.
Source: Santiment
Realistic or not, here it is LINK’s market cap in ETH terms
Typically, an increase in circulation would have suggested high sales pressure. But circulation has decreased and LINK can continue to exist tight up to $7.
Moreover, Van de Poppe concluded that Ethereum’s weak press time was a sign of the latest correction against Bitcoin. This could allow altcoins to be close to bottoming and preparing to gain an edge.