Bitcoin Breaks Records, Altcoin Season on the Horizon?

Is altcoin season on the horizon? With Bitcoin hitting new highs, key indicators suggest an altcoin boom may be approaching. Learn what to watch for and when the next altcoin surge could happen.

The cryptocurrency market is buzzing with excitement as Bitcoin reaches new heights.  On November 14th, 2024, Bitcoin surged past its previous high of $73,000 in March 2024, reaching a staggering $90,250.  This surge has many investors wondering: when will the next altcoin season arrive?

Some experts attribute Bitcoin's recent success to the U.S. presidential election results.  However, the bigger question for many is whether altcoins will experience a similar boom.   

Understanding Altcoin Season

While Bitcoin season signifies a period of high demand and rising prices, altcoin season refers to a surge in interest and value for alternative cryptocurrencies, such as Solana (SOL) and Ethereum (ETH).   

Multiple factors can indicate an altcoin season, including:

1. Increased Altcoin Dominance: This metric measures the combined market capitalization of all altcoins compared to Bitcoin. A dominance level exceeding 75% for altcoins over three months is often considered a sign of an altcoin season.

2. Rising Trading Volumes: Increased trading activity for altcoins suggests growing investor interest.

3. Coin Price Breakouts: Altcoins experiencing significant price increases can signify the beginning of a season.

4. Altcoin Season Index: Third-party tools track various factors to generate an altcoin season index.

Is Altcoin Season Here?

As of November 11th, 2024, the altcoin season index suggests we are not yet in an altcoin season with its altcoin rating at 37. However, several indicators suggest it could be on the horizon:

1. Total Market Cap Excluding BTC and ETH: This metric focuses on the overall market capitalization of altcoins, excluding Bitcoin and Ethereum's influence. A recent breakout in this metric could indicate an altcoin surge.   

2. Dogecoin's Fibonacci Level: Dogecoin (DOGE) is often considered a barometer for the altcoin season. DOGE's recent rise above its key 50% Fibonacci level can be interpreted as a positive sign.

3. U.S. Dollar Strength: A weak U.S. Dollar (USD) often coincides with a strong crypto market. The USD's inability to break past its 50% Fibonacci level suggests continued strength for cryptocurrencies.

Cardano (ADA) and Dogecoin (DOGE): A Tale of Two Altcoins

Cardano (ADA) is a utility-focused altcoin experiencing steady growth.  ADA price sits around $0.5797, with a healthy trading volume.  While short-term sentiment may be cautious, long-term prospects for Cardano appear promising.   

Dogecoin (DOGE), on the other hand, faces a potential decline.  While still actively traded, investor focus seems to be shifting towards altcoins with real-world applications. Data suggests a high concentration of DOGE ownership among a small group, potentially impacting price stability.

The Future of Altcoins

With Bitcoin reaching record highs, expectations for a robust altcoin season are rising.  Investors should monitor key indicators and conduct thorough research before making investment decisions in any cryptocurrency.

1. Regulatory Impact on Altcoins

Government regulations can significantly impact the cryptocurrency market.  Favorable regulations can boost investor confidence and lead to increased market participation.  Conversely, stringent regulations can stifle innovation and hinder market growth.

The U.S. Securities and Exchange Commission (SEC) plays a crucial role in shaping the regulatory environment for cryptocurrencies.  The SEC's stance on cryptocurrencies, particularly regarding security tokens, can influence the trajectory of altcoins.

2. Institutional Adoption of Altcoins

Institutional investors, such as hedge funds, pension funds, and endowments, have the potential to significantly impact the cryptocurrency market.  As more institutions adopt cryptocurrencies, it could lead to increased market liquidity and price stability.

However, institutional adoption is often hindered by regulatory hurdles, security concerns, and a lack of understanding of the underlying technology.  As the regulatory landscape evolves and institutional investors become more comfortable with cryptocurrencies, we may see increased interest in altcoins.

Conclusion

While the current market conditions seem favorable for an altcoin season, it's essential to approach with caution.  The cryptocurrency market is highly volatile, and prices can fluctuate rapidly.  Investors should conduct thorough research and consider the risks involved before making any investment decisions.

By staying informed about market trends, regulatory developments, and technological advancements, investors can make informed decisions and potentially capitalize on the opportunities presented by the altcoin market.

Stay updated with everything in the crypto ecosystem by continuing to visit the Bitrue website and reading articles on the Bitrue blog. Bitrue also has many features, such as checking crypto token prices in real-time, knowing how to convert crypto token prices to USD easily, and participating in various events with crypto token prizes so you can get maximum benefits.

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Civil Society Groups Urge Gov’t to Keep High Ambition in Plastics Treaty Talks

November 14; Manila, Philippines— A coalition of the nation’s largest environmental networks and organizations today urged the Department of Environment and Natural Resources (DENR) to remain committed to its ambitious stance in the upcoming plastic treaty talks in Busan, Korea.

In a letter addressed to DENR Secretary Toni Yulo-Loyzaga, the groups expressed support for the Philippines’ position on developing a strong and effective treaty that includes reduction in primary plastic polymer production, elimination of chemicals of concern in plastics, binding global requirements on product design, and accessible financing for implementation.

However, in the same letter, the groups also warned of potential attempts by polluters and powerful interests to weaken the government’s position. “While we support the Philippine delegation in championing an ambitious treaty, we are also prepared to expose and oppose any reversal or weakening of positions that would infringe on  the rights of Filipinos to health and to a balanced and healthful ecology,“ the groups cautioned.

“We hope the  Philippine government will not succumb to these pressures or backslide from  its previously stated positions. We will support our country's delegation but will also not hesitate to expose backsliding in the service of polluters,” said Von Hernandez of Break Free From Plastic.

In earlier rounds of negotiations, the Philippines has been touted as one of the progressive advocates for a strong, high ambition, science-based plastics treaty. The Philippine delegation has been one of the most vocal supporters of a treaty that includes global reduction of primary plastic polymers and in addressing pollution across the full life cycle of plastics. This also aligns with the findings of a survey conducted by Greenpeace and Censuswide earlier this year, which found that 94% of Filipinos support an ambitious global plastics treaty that would mandate cuts in global plastic production.

Nine (9)  out of ten (10) Filipinos also support  bans on single use plastics  according to the same poll.  90% of greenhouse gas emissions from plastics are released during  production processes including the extraction of fossil fuels used in making plastics and the widespread use of single use plastics (SUPs). Taken together,  the unabated global production and use of plastics present financial risks to governments, threaten human health, degrade ecosystems, and aggravate the climate crisis.

This national position has been supported by the environmental groups who also wanted the government to intensify support for prioritizing upstream measures such as reuse-and-refill models and safer product design, while opposing greenwashing technologies and systems. The groups also asked the Philippine delegation to support just transition to ensure that waste workers, women and youth, indigenous peoples, workers, and other vulnerable sectors do not bear the burden of a transition away from plastics.

“The final round of the Global Plastics Treaty negotiations is a critical juncture for the Philippines and nations on the frontlines of plastic pollution,” said Marian Ledesma, Zero Waste Campaigner of Greenpeace Philippines. “A strong treaty is not just a necessity; it’s a lifeline to protect the people and the planet. A weak treaty—without measures to reduce plastic production and phase out harmful plastics and chemicals of concern — leaves Filipinos facing greater harm. People need a treaty that drives ambition, robust policies and concrete actions across the plastic lifecycle, as this is our once-in-a-generation chance to finally end plastic pollution on a global scale.”

Jam Lorenzo, Research and Policy Development Head of group BAN Toxics also calls on the Philippine government to continue its stand as a progressive voice in the negotiations for the Global Plastics Treaty. “In previous INC meetings, the Philippines has advocated for the protection of human health and the environment. With the fifth INC meeting happening in a few weeks, it is important that the country remains firm with its positions on supporting production reduction, just transition, and the adoption of global transparency requirements — critical components to ensure that the GPT becomes effective.”

“It is high time for the Government to address the country's looming plastic pollution that adversely affects our people's health and the environment,” said Aileen Lucero, National Coordinator, EcoWaste Coalition. “We need a stronger country position that will prioritize health, justice, and sustainability over the business as usual norms. Prevent plastic pollution at source, impose a cap on plastic production, ban single-use plastics, and invest in reuse and refill solutions.”

The negotiations for a plastics treaty has reached a crucial point where countries race against time with the deadline looming. From November 25 to December 1, 2024, the Philippines, along with other U.N. member-states will gather in Busan, South Korea for the fifth — and supposedly last — round of meetings of the International Negotiating Committee (INC-5) for a global plastics treaty.

The Philippine delegation to INC-5, headed by the DENR, includes representatives from various government agencies and experts from civil society.

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Note to the editor:

The letter to the DENR may be accessed through this link

About Greenpeace Philippines

#BreakFreeFromPlastic is a global movement envisioning a future free from plastic pollution. Since its launch in 2016, more than 3,500 organizations representing millions of individual supporters around the world, have joined the movement to demand massive reductions in single-use plastics and push for lasting solutions to the plastic pollution crisis. BFFP member organizations and individuals share the values of environmental protection and social justice, and work together through a holistic approach to bring about systemic change. This means tackling plastic pollution across the whole plastics value chain—from extraction to disposal—focusing on prevention rather than cure and providing effective solutions.www.breakfreefromplastic.org