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BlockNews
Home BREAKING NEWS

Altcoin Seasons Could Get Weaker Soon and Here is Why

Matoy by Matoy
October 27, 2024
in BREAKING NEWS, CRYPTO
Reading Time: 2 mins read
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  • Analyst suggests altcoin seasons will weaken as market growth dampens speculative returns.
  • Bitcoin dominance nearing 60% could signal incoming capital shifts into altcoins.
  • Caution urged on long-term altcoin holds; advised mainly for market insiders.

Crypto analyst Willy Woo anticipates that “altcoin seasons” will remain a part of the digital currency landscape, although the intense returns witnessed during past cycles may dwindle as the market matures. In an Oct. 26 post, Woo stated that altcoin seasons won’t match the “great 2017 alt bubble” and advised caution for investors taking long-term positions in altcoins.

Altcoin Season Dynamics and Risk Appetite

Despite a tempered outlook, Woo expects smaller and riskier altcoins to attract interest as investors seek gains beyond Bitcoin’s upward movement. He pointed to Bitcoin’s market dominance, currently at 59.31%, as an indicator of potential capital shifts toward alternative cryptocurrencies. Analysts believe a 60% dominance could trigger increased interest in altcoins.

Other industry experts differ on altcoin performance; for instance, Quantum Economics’ Mati Greenspan predicts Bitcoin, rather than altcoins, will lead the next bull run, alongside its layer-2 solutions.

Navigating the Altcoin Market’s Speculative Nature

Woo cautioned his followers against long-term holdings in altcoins, describing the market as heavily speculative and controlled by insiders. He likened the altcoin market to a “casino” where, ultimately, only experienced participants profit. Additionally, Woo advised that altcoin market capitalization reflects only the successful tokens, without factoring in losses from failed projects.

Speculation on the next altcoin season varies, with some analysts suggesting Bitcoin must surpass $80,000 before altcoins rally. Hashkey Capital analysts noted that Bitcoin’s all-time high alone may not be enough to drive an altcoin boom this time, with $80,000 seen as a more reliable trigger.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Altcoin
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Matoy

Matoy

If Matoy is not busy looking at the latest Web3 news, he's always in the kitchen cooking delicious meals for his family. He's also a competitive fighting game player and a car enthusiast

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