With Bitcoin (BTC) on a strong rally, the cryptocurrency market is awash with rumors that altcoin season is approaching, a phenomenon in which interest in and prices for altcoins increase. This trend, reminiscent of the 2017 bull cycle, is showing signs of revival as investors focus on altcoins. Over the past month, the OTHERS altcoin index has surged by 76% to reach a value of $334 billion. This rapid growth has fueled speculation that a new golden age for altcoins is on the horizon. “This is far from a trivial matter; we are on the cusp of a full-blown altcoin season,” Matthew Mena, head of U.S. crypto research at 21.co, said in an interview. Historical patterns suggest that altcoin seasons occur when investors shift their profits from Bitcoin into smaller cryptocurrencies, triggering outsized gains. In 2017, some altcoins saw their value increase by thousands in a matter of months, providing huge returns for early adopters. Related News: Analytics Firm Proposes "November 28 Theory" for Bitcoin Price - They Claim It's a Milestone This year, several “old coins” — the cryptocurrencies that rose to prominence in 2017 — are leading the charge. XRP is up 177% in the past 30 days. Dogecoin is up 140% in the same period, while Cardano is up an impressive 186%, according to CoinGecko data. Even Axie Infinity (AXS), a faded blockchain gaming token, returned 43% in just two weeks. Mena also noted that major coins like Ethereum have broken key resistance levels, further increasing confidence in altcoins. Unlike the 2017 euphoria, this altseason is expected to play out differently. Macro analyst Alex Kruger attributes some of the current rally to significant Bitcoin purchases by institutions like Michael Saylor’s MicroStrategy. “These billion-dollar purchases are giving crypto companies oxygen to take risks,” Kruger said, adding that new entrants are flocking to memecoins while seasoned investors are revisiting established altcoins. However, Kruger tempered expectations by saying, “An altcoin season like 2017 is way overrated,” and hinted that the scale of gains may not match the historic bull run. *This is not investment advice. Continue Reading: Is Altcoin Season on the Way? When Will It Come and How Will It Look? Analysts Share Their Predictions
