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The founders of analytics firm Glassnode say that altcoins may have one last dip before they start to outperform Bitcoin (BTC).
Jan Happel and Yann Allemann, who go by the handle Negentropic, tell their 63,400 followers on the social media platform X that despite a possible near-term correction many altcoins may soon start performing well.
“Altcoin opportunities on the horizon. Our Bitcoin-altcoin cycle indicator shows we’re back in a BTC-dominant regime (below 50 on the chart). As Bitcoin pulls back and altcoins drop sharply, this opens up entry opportunities. If BTC breaks through resistance and the indicator moves above 50, we could see a strong altseason ahead.”
The Bitcoin-altcoin cycle indicator measures whether traders favor altcoins over Bitcoin. Values of over 50 indicate that Bitcoin is underperforming altcoins and that the market may be entering an altcoin season.
Bitcoin is trading for $68,708 at time of writing, up nearly 2% in the last 24 hours.
Next up, the analysts looks at the recent market performance of layer-1 projects. They say Solana (SOL), Ethereum (ETH) and BNB, the Binance exchange’s utility coin, may continue to lead the pack while Cardano (ADA) and Polkadot (DOT) may continue to fade.
“Old-guard Layer 1s: who’s leading the charge? SOL has taken ETH’s spot in leading bull runs, but in this one is sharing the spotlight with ETH and BNB. ADA and DOT are lagging, a shadow of their past glory. Expect this trend to continue as stronger projects gain market cap.”
Solana is trading for $154 at time of writing, up 1.5% in the last 24 hours. Meanwhile, Ethereum is trading for $2,649, up 1% on the day and BNB is trading for $600, up 1.3% in the last 24 hours.
ADA is trading for $0.34 at time of writing, up slightly in the last 24 hours, and DOT is trading for $4.24, up by a fraction on the day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Sep21 Studio/cgterminal
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