As Bitcoin soars to new heights, the crypto community is buzzing with the question: When will altcoin season arrive?
Bitcoin’s Record Surge to $88,000
On November 11, Bitcoin surged to $88,000, surpassing its previous peak of $73,000 in March 2024. Many experts attribute this rise to President-elect Donald Trump’s victory over Kamala Harris in the 2024 U.S. presidential election. This has sparked speculation about whether altcoins will follow Bitcoin’s impressive rally.
Bitcoin Season vs. Altcoin Season
While Bitcoin season is driven by soaring demand and rising prices, altcoin season typically brings rapid growth and volatility to digital assets like Solana (SOL) and Ethereum (ETH). In 2024, Bitcoin’s dominance has increased, largely due to the approval of several Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC).
Moreover, Trump’s promise to remove SEC chair Gary Gensler and push for digital asset-friendly regulations may provide an additional boost to the entire cryptocurrency market if he takes office again.
Indicators of an Impending Altcoin Season
To determine if altcoin season is approaching, look for key signs such as rising altcoin dominance, increased trading volumes, and notable price breakouts. According to BlockchainCenter.Net, altcoin season begins when more than 75% of altcoins outperform Bitcoin over a three-month period.
Currently, the altcoin index stands at 37, with the last true altcoin season occurring in January 2022.
Federal Reserve Interest Rates and Political Moves Impacting Altcoins
Interest rate cuts from the Federal Reserve could also play a role in boosting altcoin activity. On the other hand, influential figures like Elon Musk have called for the abolition of the Federal Reserve.
Trump’s recent launch of his crypto platform, World Liberty Financial, further emphasizes his interest in digital assets. He has even suggested that cryptocurrency could help address the nation’s $35 trillion debt.
During an August 2 interview with Fox News, Trump stated, “Who knows, maybe we’ll pay off our $35 trillion. Hand them a little crypto check, right? We’ll hand them a little Bitcoin and wipe away our $35 trillion.”
The post Bitcoin Smashes Past Record $88,000 Milestone Just Days After Hitting $80,000 – Is “Altseason” Next? appeared first on Cryptonews.
