Altcoin Hell: Analysts Decipher Trends and Conclude No Altcoin Pump Is Imminent Until Bitcoin Hits $100K
Anjali Belgaumkar12 Jun 20242 min read
Are we in an Altcoin bull run or Bitcoin bull run? Analysts across the globe are currently trying to put the pieces of cryptocurrency market together and get the hang of what’s brewing beneath the surface. If we take a look at the analysis and research of some analysts, it is clear that we are not even close to an altcoin season.
Analyst Crypto Ash stated that the Mega Altseason has not yet begun. The total altcoin market cap has retraced to December 2023 levels, and there are no major narratives driving the market like ICOs in 2017, DeFi in 2020, or NFTs in 2023. Unless the ETH ETF starts trading, altcoins are likely to continue losing value against BTC. However, this may be the optimal time to accumulate. Altcoins are down 30%-50% from their recent highs, retail interest is low, but whales are still accumulating. It’s a good time to make a plan, accumulate utility-based tokens, and wait until BTC breaks $100K.
He wrote on X, “Altcoins are down 30%–50% from their recent highs; retail isn’t interested yet, but whales are still accumulating. So make a plan, accumulate utility based tokens, and wait till BTC breaks $100K.”
Crypto Tony also had a similar sentiment. He wrote, “I do not expect us to see a market wide #Altcoin pump anytime soon. #Bitcoin is running the pumps as institutions only show interest in $BTC and a few other assets, so just keep this in mind.”
Crypto Distilled on X shared some news with a warning: “Bull Market = Bitcoin Heaven, Altcoin Hell.” While Bitcoin is approaching all-time highs, altcoins are struggling as if in a bear market. This market is extremely challenging for retail investors to navigate. Historically seen as high-risk, Bitcoin now attracts a diverse investor base due to its resilience and the emergence of spot ETFs, being viewed as both speculative and as digital gold—a geopolitical hedge.
BTC is experiencing a bull market of its own, showing strong early performance over a month since the BTC halving, with current consolidation preventing market frontloading.
Additionally, OTHERS/BTC has returned to October 2023 levels, indicating that altcoins have surrendered their gains to BTC, erasing progress made since BTC was at $30k. Holding BTC likely would have outperformed most altcoin portfolios with far less effort.
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