Today, bitcoin (BTC) neared $83,000, a level it hasn\u2019t seen since late January.<\/p>\n
And according to on-chain analytics firm Santiment, the uptick has positively affected market sentiment, helping push up the prices of several tokens and stirring whispers that altcoin season may be coming.<\/p>\n
Data shared by Santiment on May 6 showed<\/a> tokens such as Toncoin (TON), Internet Computer (ICP), Cardano (ADA), SUI, ONDO, and Hyperliquid (HYPE) opening<\/a> the week in positive territory.<\/p>\n \u201cSome mild whispers of altseason are beginning to emerge,\u201d wrote Santiment. \u201cBitcoin\u2019s own emergence above $81.7K has allowed profits to begin trickling into long-dormant projects.\u201d<\/p>\n Its internal screener showed daily gains of up to 17% for ICP and 16% for TON, while ONDO and ADA posted more modest moves near 5%.\u00a0On a seven-day view, ONDO climbed roughly 23%, ICP added 16%, and Dogecoin (DOGE) gained around 15%.<\/p>\n One of the biggest performers was Zcash (ZEC), which went up by nearly 40% in the last 24 hours and 76% over the past week, per CoinGecko data.<\/p>\n Analyst Darkfost also shared<\/a> some information regarding the altcoin setup, pointing out that their market cap, excluding Bitcoin and Ethereum, tracked as TOTAL3 had risen by approximately 15% from its low in February.<\/p>\n In addition, he said that 11.7% of alternative cryptocurrencies listed on Binance have now reclaimed their 200-day moving average, up from just 2.3% in early February, and called it \u201can initial signal of recovery.\u201d<\/p>\n Their trading volumes on Binance have also improved, with their share relative to combined BTC and ETH volumes rising from 31% to 49% over the past two months.<\/p>\n The broader picture is still firmly in bitcoin\u2019s favor, considering that BTC dominance is currently sitting at around 58.6% per CoinGecko, while CoinGlass\u2019s Altcoin Season Index, which measures how many of the top 100 tokens have outperformed BTC over a rolling 90-day window, sits at 40 out of 100.<\/p>\n A confirmed altseason requires a reading above 75. Put simply, the majority of altcoins are still losing ground to bitcoin when you zoom out.<\/p>\n Additionally, the alternative coins currently garnering the most interest are also selective, clustering around only a handful of themes like AI, DeFi projects, and some old layer-1 networks, which have been overlooked for many months now.<\/p>\n According to Darkfost, the recovery in altcoins is \u201cmoderate.\u201d He further said, \u201cThis type of shift can precede a more pronounced rotation phase within the market,\u201d even though he didn\u2019t outrightly claim that such a change was already underway.<\/p>\n The post Bitcoin Shoots Past $82K, Fuels Altseason Speculation<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Today, bitcoin (BTC) neared $83,000, a level it hasn\u2019t seen since late January. And according to on-chain analytics firm Santiment, the uptick has positively affected market sentiment, helping push up the prices of several tokens and stirring whispers that altcoin season may be coming. Altcoins Are Stirring After Bitcoin Clears Key Level Data shared by […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-162026","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/162026"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=162026"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/162026\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=162026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=162026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=162026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Still a Long way From Full Rotation<\/h2>\n