Top 100 altcoins value increased over last 24 hours while Bitcoin price decreases. Does this mean Altseason is looming? | Credit: Jack Taylor/Getty Images
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Key Takeaways
Most of the top 10 cryptocurrencies, excluding Bitcoin, have experienced growth in the past 24 hours.
Bitcoin has broken below its short-term trend channel, suggesting weaker upward momentum.
While many altcoins have outperformed Bitcoin recently, the market has not yet entered a full-blown Altcoin Season.
The cryptocurrency market has experienced mixed fortunes over the last 24 hours, with most altcoins gaining ground while Bitcoin retreats.
Solana leads the charge among the top 10, while Virtuals Protocol tops the broader market with a 30% surge.
Investor sentiment remains bullish despite Bitcoin‘s weakness, as indicated by the Fear and Greed Index.
This comes amidst growing speculation about an impending Altcoin Season, fueled by the recent outperformance of many altcoins against Bitcoin.
In the past 24 hours, all of the top 10 cryptocurrencies, except Bitcoin, have grown. Solana (SOL) saw the biggest gain, rising by 5%, while Cardano (ADA) saw the smallest increase, at 1.9%.
Among the top 100 cryptocurrencies, Virtuals Protocol (VIRTUAL) posted the largest daily gain of 30%, while the memecoin Bonk (BONK) saw the smallest rise at 0.1%.
The Fear and Greed Index for the cryptocurrency market remained in the “Greed” zone, with a reading of 73 out of 100 on Dec. 24. This indicates that investors still maintain an appetite for risky assets despite Bitcoin’s decline in value.
Other top cryptocurrencies such as ETH, BNB, XRP, DOGE, ADA, TRX, and SHIB have all posted gains of around 2-3%, while AVAX, LINK, and SUI have jumped by 5-6%.
Bitcoin has broken below the lower boundary of its short-term rising trend channel, indicating weaker upward momentum. The price is between support at $92,000 and resistance at $98,000, with a breakout from either level signaling the next direction.
Volume patterns don’t align well with price movements, weakening the currency, and negative RSI divergence suggests a potential downward reaction. Bitcoin is considered technically neutral in the short term.
Bitcoin short-term technical analysis. | Credit: Giuseppe Fabio Ciccomascolo/InvestTech
In the medium to long term, Bitcoin remains in a rising trend channel, signaling positive momentum and increasing investor interest. The price has surged since breaking resistance at $67,241, reaching the target of $84,547, though the formation suggests more upward movement.
Support is at $70,000, with resistance at $106,000. Low volume at price peaks and high volume at troughs could signal a trend reversal. Bitcoin is assessed as neutral in the medium to long term.
In the long term, Bitcoin is showing strong growth within an upward trend channel, indicating continued optimism and potential for further rises.
The price has risen since breaking resistance at $67,241, reaching $84,547, with no visible resistance ahead. Support is at 72,000, and Bitcoin is considered technically positive for the long term.
Is Altseason Near?
The cryptocurrency market operates in cycles, with Bitcoin often leading the way. However, when altcoins begin to outperform Bitcoin significantly, an “Altcoin Season” emerges. Over the past 90 days, many altcoins have shown impressive growth against Bitcoin, signaling a shift.
Altcoin season is typically defined when 75% of the top 50 coins outperform Bitcoin over the past 90 days, excluding stablecoins and asset-backed tokens. Although the crypto market has been trending lower, altcoins have reached key support levels, suggesting a potential bounce.
Recently, Bitcoin dominance has been recovering, with key resistance around the 61.8%-78.6% Fibonacci levels. A reversal at this level could weaken Bitcoin further, increasing altcoin dominance.
Despite some altcoins outperforming Bitcoin, we are not yet in full Altseason, though many altcoins have shown substantial gains.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
