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Is the altseason coming soon? How to determine

Andrew Zhoao

News editor

Apr 5, 2023 at 06:31

Because of Bitcoin’s long-side movement, many bloggers are actively discussing the coming of the altseason. How to determine if altseason is coming, as well as the results of the first quarter of the crypto market, are discussed below.

So blogger @MarketWizard94 gives four signs of the alt-season coming soon:

  1. ETHBTC reclaims 0.068 and the altseason is on. 
  2. BTC Dominance supports the alt season thesis. 
  3. ETHUSD finally broke above range highs. Must hold $1840 for a move to $2000. 
  4. BTC must continue sideways in this range to let the alts run. Break above or below, and alts get slaughtered. 
  5. tl;dr we’re very close to an altseason (until the next FUD comes up and nukes everything).

In addition, blogger @bleezysmart brings up a classic argument related to Bitcoin’s decline in dominance. Here are two graphs from him with comments:

Bitcoin decline
Bitcoin decline

“This is a #Chart of BTC.D which means BTC currently takes 47.17% of the total crypto currency’s market cap which is a determinant on how alt coins move. It’s about to break a resistance which means Btc [sic] will see some major run soon but let’s see if it’s going to break it or not”

BTC to USDT chart
BTC to USDT chart

“One of the major ways of correctly analyzing is “going back in history”. This is the chart of BTCUSDT. The 2017 bull run and the 2021 bull run is [sic] taken into consideration. The peak of the bull before 2017 was the bottom of the bull run after 2017’s bull run.”

This analyst ends with this conclusion:

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History has repeated itself, exactly 371 days was the difference between the peak of 2017 similarly the difference between the peak of 2021’s bull run and this 2023 bottom is 371 days also the peak of 2017’s bull run. I believe we should be touching 35k-40k before the next bull run.

Nevertheless, we urge caution. The following chart clearly shows that BTC and ETH leaders are literally pulling all the liquidity out of the altcoin market, which is very small by comparison:

Volume and market depth ranks
Volume and market depth ranks

Q1 Crypto Results

In addition to analyzing the likely future, let’s summarize the Q1 2023 results. Here are the top tokens by yield, as selected by two different studies.

Q1’s best crypto tokens by topic group:

Top gainers in Q1, 2023
Top gainers in Q1, 2023

#BTC was the leader with 60% growth since the beginning of the year. In L1, #SOL made up for most of its losses after the FTX crash, earning 100%. In L2, #OP hit record highs in February:

Crypto sector returns
Crypto sector returns

Excerpts from ImmuneFi security study 

  • The number of attacks in the crypto industry in 2023 increased by 192% compared to last year;
  • Despite this significant increase, the total amount of money lost decreased by 64.4%;
  • BNB Chain has been a prime target for exploits and fraud, with a record number of incidents recorded on this blockchain;
  • In the first quarter of 2023, a total orecovered.

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