Altcoins
Altcoin Season in August? Here’s What JPMorgan Has to Say
Altcoin season is one of the most anticipated events of this year as non-Bitcoin investors have been waiting for profits for a long time now.
The odds of an altcoin season were rising before the recent crash, but there is hope for the month ahead.
JPMorgan optimistic about recovery
In a recent research report, JPMorgan noted that they expect Bitcoin and the Cryptocurrency Market Expected to Rebound in AugustThe report also notes that the risk of liquidations decreasing before the end of the month is high.
However, bearish market conditions have led the bank to revise downward its net inflow estimates for this year. The updated estimate suggests that the cryptocurrency market could see inflows worth $8 billion, compared to the previous expectation of $12 billion.
But if Bitcoin’s price rises in August, the bank estimates, altcoins could also recover. There is a misconception that altcoins are suffers from BTC growthwhich gives rise to a Bitcoin season.
Learn more: Top 12 Altcoin Exchanges for Cryptocurrency Trading in July 2024
Altcoin Season Index. Source: BlockChain Center
However, that won’t be the case, as altcoins are simply following Bitcoin’s lead. In fact, the last time altcoins rallied to watch an altcoin season begin in the second half of 2023, they were following BTC’s cues.
But even after rising alongside Bitcoin, at least 75% of the top 50 altcoins, excluding stablecoins, need to outperform BTC.
Only then will the Altcoin season is confirmed to be initiated.
How are the Alts doing right now?
Altcoins are far from being up to par to witness an altcoin season since, at the time of writing, around 70% of altcoins are underperforming BTC over the last 90 days.
The only altcoins in the green that are doing better than Bitcoin are Toncoin (TON), PEPE, BONK, Kaspa (KAS), Monero (XMR) and Tron (TRX). All other tokens are recording losses.
Learn more: What are the best altcoins to invest in July 2024?
So, if there is a serious chance of seeing an altcoin season, it will likely be in August.
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