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Altcoin Season Imminent After Taking it ‘On the Chin’ Since March – Next Crypto to Watch?
RealVision’s Chief Crypto Analyst, Jamie Coutts, believes that an altcoin season might be imminent. He points out that altcoins have been trading lower since Bitcoin reached its all-time high in March.
The Bitcoin price hit an all-time high of $73,750.07 on March 14th, but it has slumped over 10% since then to $66,200.05.
In a recent X post , Coutts noted that “smaller-cap crypto assets have been taking it on the chin since the March high of this year.”
Market Update: Smaller cap #crypto assets have been taking it on the chin since March high of this year. The past 3 months have seen the Top 200 equal weight index fall 33% vs. the Market Cap index, which is down around 12%.
This is the breakdown of the 3-month sector returns… pic.twitter.com/npHS2BPoOl
— Jamie Coutts CMT (@Jamie1Coutts) June 13, 2024
Coutts referenced data from Bitformance indicating that over the past 3 months, the Top 200 Equal Weight Index, which assigns weight equally to cryptocurrencies irrespective of market cap, fell by 33%.
This contrasted with the Market Cap Index, which declined by 12%, weighting cryptocurrencies based on their market capitalization.
This decline underscores weaker performance among smaller cryptocurrencies compared to those dominating the market cap index.
More recent Bitformance data also reveals a notable shift. The percentage of altcoins in the top 200 Marketcap-Weighted Index with a higher 90-day return than BTC dropped significantly from 49% to 10% since March 14th.
This indicates that an altcoin season is currently distant. Despite this, Coutts believes altcoins may be gearing up to present “some opportunities.”
“If this is a regular mid-cycle correction we are experiencing, which I believe is likely, then expect some
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