Altcoin News Official TheBitTimes.com

The altcoin sector suffered “one of its biggest devaluations on record” amid the recent crypto market downtick, according to the digital asset analytics firm Glassnode. Glassnode notes in a new Analysis that altcoins experienced significant sell-side pressure in recent weeks as Bitcoin (BTC) outperformed every altcoin subsector. “We can evaluate the magnitude of the drawdown by assessing the 14-day change in the global altcoin market cap. Over the last fortnight, the altcoin market cap declined by $234B, with a small handful of events days recording a larger absolute drawdown. The severity of this drawdown underscores the scale of the capitulation event and can be reasonably considered to be an event within a bear market within the altcoin sector. This is quite interesting as Bitcoin does not appear to display the same relative weakness, suggesting a divergence is opening up between BTC and the rest of the digital asset landscape.” Sourc...

The co-founders of market intelligence platform Glassnode are identifying two catalysts that need to line up for altcoin season to officially kick off. In a new thread on the social media platform X, Glassnode and Swissblock co-founders Jan Happel and Yann Alleman – who together share the handle Negentropic – say that based on historical precedent, altcoin season could start if Bitcoin’s (BTC) dominance levels start to fell and its price stabilizes above $100,000. “Flashback to February 2021. In the last cycle, February kicked off altcoin season. Could it happen again? Two key factors must align: 1) Bitcoin dominance must decline. 2) Bitcoin must hold a stable price above $100,000. The scenario seems to be shaping up – will history repeat itself?” Source: Negentropic/X However, the duo goes on to note that the top crypto asset by market cap’s recent rise in dominance and price has delayed altcoin season. “Dominance: 58%+. Price: Hol...

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.” Source: Negentropic/X 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 writin...

Analysts say the fast-approaching halving will likely cut miners’ USD value revenue to $500 million monthly. The fourth Bitcoin (BTC) halving , expected to happen on April 23, 2024, will likely bring miners’ revenue in the U.S. dollar back to the FTX crash epoch, slashing it by half. Bitcoin mining revenue in BTC vs USD | Source: Glassnode You might also like: Bitcoin halving : what it is and how it may affect the price According to calculations done by Glassnode, the value issued to Bitcoin miners via newly minted supply is currently standing at the $1 billion per month level. However, after the 2024 halving , it would be cut to around $500 million per month, a level last seen in late 2022, when miners generated nearly $450 million per month amid the FTX crash. In the meantime, the difficulty of Bitcoin mining on Nov. 13, 2023, increased by 3.55%, reaching its maximum at 64.68 T, according to BTC.com. The average hash rate since the previous value c...