The altcoin coin surged almost all the way, while Bitcoin rested horizontally in a row.84,000
#The bitcoin#The crypto market#The investment#Altcoin#altcoin season
What's happening in the crypto market right now?
On Friday, Bitcoin (BTC) BTC traded at around $84,342 barely moving from midnight UTC with the price quoting at that level $84,378.52 while other markets moved strongly USD to Dash CoinDesk 100 and 93 USD over a 24-hour period.
Why does altcoin outperform bitcoin?
This is mainly due to the rotation that has occurred in previous market cycles, when Bitcoin was strong and then began to weaken, traders often moved money into more risky assets. Another factor is the high funding cost, which increases the cost of holding a long position in bitcoin, thus accelerating the transfer of funds.
Figures from the Dash CoinDesk 80 indicate that smaller group coins moved upward,4.7% while the top five major coin groups (CoinDesk 5) only went up1.0% reflecting the same trend.
What's the background?
Bitcoin just climbed from a low $63,000 in August to an almost $87,000 on Tuesday, before rebounding steadily since then. Such "relaxation" periods are when altcoins typically benefit.
The data from CoinMarketCap is clear: the altcoin season now stands at 56 out of 100, up from 45 last week and 38 a month ago, its highest level in more than three months.
Which coin stands out the most?
In the technology group Chainlink (LINK) price $14.05, internet Computer ( ICP ) and Bittensor (TAO) helped push up the CoinDesk Computing Index (CPUS) 9.5% in 24 hours, while the DeFi Select Index (DFX) rose 8.7% both stronger than the blended benchmark 2.5% by three times.
What does this mean for Thai investors?
The turnover to altcoin is a recurring phenomenon in every market cycle, not a long-term signal that can be guaranteed. Thai readers who trade through Bitkub or sites authorized by the SEC (Thailand) should understand that high funding figures mean higher futures holding costs and should follow the trend for example CoinMarketCap altcoin season to measure the heat of the market with information
Based on data from CoinDesk, CoinMarketCap
It's a warning.
This article is intended for informational purposes only, not investment advice or recommendations in all cases. The price of digital assets are highly volatile and can rise or fall rapidly over a short period of time. Readers should carefully study the information, assess the risks themselves, and make rational decisions including investing as much as they can afford to risk.
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