30s Summary

According to Hashkey Capital, Bitcoin (BTC) needs to exceed $80,000 for an altcoin season to start. In addition to this, Bitcoin’s dominance should increase to 62%-70%, presently standing at 58.94%. Despite present price hikes in so-called ‘meme coins’, many believe an altcoin boom is overdue. However, some traders suggest that it might be less surprising due to heavy speculation. Important gains were recently made by Goatseus Maximus (GOAT), Cat in a dogs world (MEW) and Popcat (SOL). However, this is not an investment advice and investors should conduct their own research.

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We’re going to need more than a Bitcoin (BTC) all-time high of $73,679 to start an altcoin season, says crypto investment firm Hashkey Capital. If we’re optimistic, the firm says we can start thinking about an altcoin season when Bitcoin’s price crosses $80,000.

So how far off are we from this $80,000 target? Presently, Bitcoin’s priced at $67,331 which means it needs to gain another 18% before we’re in the territory of an altcoin season. But wait, there’s another condition – Bitcoin’s dominance needs to reach between 62% and 70%. At the moment, Bitcoin’s “bossing it” at around 58.94%.

Now, there are a few folks who reckon we’re overdue for an altcoin season. In fact, they’re saying it’s the longest altcoin bear market we’ve ever had, even stretching further back than the 2014-2016 period. Looking at the recent price surges in some meme coins, they’re feeling pretty positive that an altcoin party could be nearing.

One of the biggest performers in the last seven days is Goatseus Maximus (GOAT), which jumped a whopping 160.13%, and is now trading at $0.74. Trailing behind GOAT, Cat in a dogs world (MEW) earns the silver medal with 25.58% gains, while Popcat (SOL) brought up the rear, up by 17.13% over the same period.

But let’s not get too carried away! Some crypto insiders back in August voiced concerns that this altcoin season might look a bit different. They suggested traders have already been heavily speculating on coins, which might take some of the surprise out of the altcoin season. As Glassnode lead analyst James Check put it – it’s like telling a joke where everyone already knows the punchline: it just ain’t funny anymore.

Remember that this is not investment advice, and every investment comes with risk. So always do your own research before making any moves.

Source: Cointelegraph