Altcoins
Altcoin Season in August? Here’s What JPMorgan Has to Say
Altcoin season is one of the most anticipated events of this year, as non-Bitcoin investors have been waiting for profits for a long time.
The chances of an altcoin season had increased before the recent crash, but there are hopes for next month.
JPMorgan is optimistic about recovery
In a recent research report, JPMorgan noted that they expect Bitcoin and Cryptocurrency Market to Rebound in AugustThe report also noted that the potential for a decrease in liquidations before the end of this month is high.
However, bearish market conditions have led the bank to lower its estimated net revenue for this year. The updated estimate suggests that the cryptocurrency market could see revenue of $8 billion, down from the previous expectation of $12 billion.
But if the price of Bitcoin increases in August, the bank estimates, altcoins could also recover. There is a misconception that altcoins are suffering from BTC growthgiving rise to a Bitcoin season.
To know more: Top 12 Altcoin Exchanges for Cryptocurrency Trading in July 2024
Seasonal Altcoin Index. Source: Blockchain Center
However, this will not be the case, as altcoins are simply following Bitcoin’s lead. In fact, the last time altcoins recovered to see the start of an altcoin season in the second half of 2023, they were following BTC’s signals.
But even after growing alongside Bitcoin, at least 75% of the top 50 altcoins, excluding stablecoins, have yet to surpass BTC.
Only then will he be able to Altcoin Season Confirmed to start.
How are the alternatives doing at the moment?
Altcoins are not even close to see an altcoin season as, at the time of writing, around 70% of altcoins have underperformed BTC over the past 90 days.
The only altcoins in green that are doing better than Bitcoin are Toncoin (TON), PEPE, BONK, Kaspa (KAS), Monero (XMR) and Tron (The TRX). All other tokens are recording losses.
To know more: What are the best altcoins to invest in July 2024?
Therefore, if there is any real chance of an altcoin season, it will probably happen in August.
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