Matthew Siegel links the recent altcoin rally to Bitcoin's rise above $100,000 and predicts Bitcoin will rise further before reaching its all-time high. The Altcoin Season Index is currently at 63, indicating an upcoming rally for Bitcoin. Top altcoins such as Hedera and Stellar have shown significant gains in three months. Despite the market being slightly down, analysts like JA Marthun see the current decline as a strong buying opportunity for assets including Bitcoin. As traditional asset returns decline, investors are increasingly turning to alternative assets such as Bitcoin, potentially reshaping their investment portfolios.
Matthew Sigel, Head of Digital Assets at VanEck, believes that the recent altcoin rally is driven by Bitcoin's surge above $100,000, which will further fuel Bitcoin until it reaches the top.
Source: X
The Altcoin Season Index rose to 63 points, reflecting the recent significant gains in top altcoins. Siegel also pointed out that historically when the index rises above 60 points, BTC rises by an average of 10% within a month, with even more significant gains over the long term.
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This trend will not only boost Bitcoin, but will also have a positive impact on other altcoins, creating a beneficial growth cycle for the entire crypto market. Standout performers in the altcoin sector are Hedera, Etena, and Stellar, which have posted impressive gains over the past three months.
Markets fall, analysts say it's a buying opportunity
Meanwhile, the market is taking a breather as most assets are in the red and all but stablecoins (and XRP) are falling.
Over the past 24 hours, Bitcoin is down about 2%, Ethereum is down 5%, Solana is up 3%, and XRP is up 9%.
Community analyst JA Maartunn believes the current situation suggests a “buy on the buy” opportunity. Binance BTC Net Taker Volume is below USD -30 million (approximately AU$47 million), indicating a strong buy signal. According to Maartunn, this indicator has shown a high success rate over the past two months.
🔔 Strong Buy Signal – Net Taker Volume (BTC – Binance)
Net taker volume fell below -$30,000,000. This indicator has shown a high success rate over the past two months.
Although I expressed bearishness, it is important not to ignore the possibility of a short-term rebound. pic.twitter.com/o4VBPaFMi9
— Maartun (@JA_Maartun) December 10, 2024
Just a few days ago, the same analyst tweeted that the market had peaked, suggesting that any chance of a near-term reversal would be short-lived.
BTC could be boosted as investors turn to new asset classes
But not everyone believes the 2024 bull market is yet to end. 1971 Brian Russ, Capital's chief investment officer, told Cointelegraph that investors are increasingly moving away from traditional assets and seeking better returns through investments in things like Bitcoin.
If fiscal deficits are expected to widen and inflation rates rise cyclically, bonds will become less attractive than real assets. I think Bitcoin will also enter into that conversation and product.
Brian Russ, Capital Chief Investment Officer 1971
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Russ believes that the traditional 60/40 portfolio, which invests 60% in stocks and 40% in bonds, could become a thing of the past as investors add a little bit of Bitcoin to their portfolios. There is.
Now people are looking for alternatives. So you probably don't have the full 40% in bonds. Gold and silver will probably be part of it. Bitcoin will probably be a part of that.
Brian Russ, Capital Chief Investment Officer 1971
