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Bitcoin stalls: Is Altseason starting now?

Bitcoin held firm around the $118,000 level this weekend, staying close to its all-time high.

By Mike Hesp
• 2 min read
Bitcoin stalls: Is Altseason starting now?

Bitcoin held firm around the $118,000 mark this weekend and remains close to its all-time high. With less than four percent below the record price of $123,000, the market stays tense as everyone waits. Bitcoin's market cap is currently $2.35 trillion, which makes digital gold more valuable than tech giant Alphabet (Google). Amazon has, however, reclaimed the top spot.

In the last seven days, Bitcoin lost about 2.5% in value—a small breather after the strong rally of the past weeks. Ethereum, by contrast, is climbing: the second-largest crypto jumped by a whopping 23% and is currently at $3,755. That brings ETH close to its historical peak of $4,891, just 23% away.

Other altcoins are also up. XRP hit a new all-time high and Solana nears the psychological $200 level. According to CoinMarketCap's Altcoin Season Index, 53 altcoins outperformed Bitcoin over the last 90 days. Officially we only call it Altcoin Season when 75 or more altcoins beat BTC, but the momentum is clearly felt.

What’s driving this shift? The recent approval of new crypto legislation in the U.S. Yet sentiment remains modest. The Fear & Greed Index is just above neutral. And social media engagement is waning as the general public hasn’t jumped on board en masse.

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