You can simultaneously see various indicators rather than tracking data individually. As the weekend approaches, Bitcoin’s price is flirting with the $120,000 mark, and XRP Coin has reached $3.4. As DOGE reaches new peaks, ADA Coin is accelerating toward $1. We’re experiencing promising times for altcoins, but what is the current status of the altcoin season index that sounded the alarm on July 9?
Altcoin Bull Index
Grayscale, one of the largest issuers of crypto ETFs and trusts, has been in the game for years, unlike newcomers such as BlackRock. They have navigated through bear markets, constantly innovating and keeping a beacon alive for the altcoin bull index, a key indicator to foresee market shifts in altcoins.
A few hours ago, Grayscale shared some insights from their account concerning the index.
“Glassnode’s proprietary Altcoin Bull Index Altseason Indicator was triggered on July 9. This suggests an increase in stablecoin supply, a capital influx into $BTC and $ETH, and a rising altcoin market value—creating a conducive structural environment for capital rotation.”
The indicator still suggests potential for further upward movement. If it maintains its momentum, it could reach highs similar to last year’s election season. In such a scenario, altcoins are poised for significantly higher returns. For now, the altcoin bull market seems to be underway.
Bitcoin (BTC)
The leading cryptocurrency teeters on the brink of $120,000, trading at $119,800. Furthermore, in the last 24 hours, it has established a higher bottom at $117,453. This implies that the support zone is increasingly solidified following the latest rally. In speculative moves, you don’t observe this; the price rises sharply only to reverse just as quickly.
Today, Kyle elucidated how the rally sits on a strong foundation by examining the cost base.
“Weeks of fluctuation ended with a single candle. BTC broke through resistance and didn’t look back.
The Cost-Based Heat Map highlights where real purchasing occurred:
- $93,000–$97,000 → major buyers
- $104,000–$110,000 → even greater support
Previously limiting the price, the launch pad has become a springboard. Base prices have stabilized. What’s next? No limits. (It’s a price discovery phase)”
