Bitcoin rises 7%, altseason about to start, Bitcoin SV and Filecoin experience weeklong rally
On the second day of the new year, Bitcoin rose above $45k, its first major move in a week, supported by the rumor that an ETF approval is imminent. However, some of the largest and well-known altcoins have already been rising for a week, so it looks like altcoin season (also known as altseason) is about to start.
As Bitcoin and crypto were both born from mathematics, it thus makes sense that there is a mathematical formula to calculate whether altcoin season is indeed starting.
That formula goes as follows: if three-quarters of the altcoins from the top 50 of the largest digital coins perform better than Bitcoin during the last 3 months, then we call it altcoin season. Stablecoins such as Tether are of course excluded.
1st real evidence I’ve seen of Money leaving Bitcoin and moving over to Ethereum. Altcoin season soon?$ETH 0 Top Wicks, Dips eaten fast with single Wicks$BTC Top wicks from selling pressure and multiple bottom wicks eaten to prevent t from bleeding out pic.twitter.com/4sB6oAlqXY
— Dog Dad Devan | GM🤑 (@dogdaddevan) January 1, 2024
We currently have a value of 67. If that number rises above 75, then it’s an alt season. The last time this happened was in the summer of 2022.
Diversification
When Bitcoin is high on the wish list of institutional investors, many Wall Street analysts are usually also looking for the next digital coin that can make a leap and so you sometimes see classic altcoins making incredible leaps as Bitcoin hype builds.
Last week it seems to be the turn of Bitcoin SV (Bitcoin satoshi’s vision) and Filecoin. Both have been around for a long time and so it looks like institutional investors are diversifying.
Our Filecoin positions looking amazing.
Again this is another big position I really like.#GreenDots pic.twitter.com/c7kXjN6rt4
— Wick (@ZeroHedge_) January 1, 2024
Both coins are at a fraction of their respective all-time highs, both achieved during the 2020 and 2021 bull runs.
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