Is Altcoin Season Here Already? VanEck Answers As Bitcoin Price Struggles Below $100,000
Bitcoin has experienced a correction from its recent all-time high of $108,135, dropping to as low as $92,500 while remaining above $90,000. This decline has shifted focus to the altcoin market, which is expected to rally soon. VanEck has declared the start of an altcoin season on November 27, suggesting that the current market environment favors altcoins over Bitcoin. Matthew Sigel from VanEck noted that Bitcoin's market dominance often sets the stage for altcoins to outperform, particularly in decentralized finance, gaming, and NFTs. The Artemis Altcoin Season Index indicates an active altcoin season with a reading of 0.8, while CoinMarketCap's metric shows only 51. Despite differing views on metrics, many analysts believe an altcoin season is underway, with expectations for top altcoins to outperform Bitcoin.
