Bitcoin recently hit a new high of $123,091, but then dipped a bit. Interestingly, while Bitcoin’s price took a small breather, many altcoins (alternative cryptocurrencies) started to surge. Could this be the start of another altseason?
Whale Watching: Big Bitcoin Moves
Blockchain analytics firm Glassnode noticed something interesting: Big Bitcoin holders (“whales”) are moving a lot of their BTC to exchanges. The seven-day average of these transfers is nearing 12,000 BTC – a huge amount! This is similar to what happened right before a major bull run in late 2024.
When whales move Bitcoin to exchanges, it usually means they’re either selling or moving their money elsewhere. Given the recent altcoin gains, it seems more likely they’re shifting their investments.
Altcoins on the Rise
While Bitcoin only saw a tiny gain last week (0.27%), some altcoins exploded:
- Ethereum: Up 19.98%
- XRP: Up 25.98%
- Solana: Up 8.86%
This kind of thing is typical of an altseason – when altcoins outperform Bitcoin. It happens when investors take profits from Bitcoin and put that money into riskier, potentially higher-reward altcoins.
Is it Really Altseason?
However, we’re not quite there yet. The altseason index is currently at 36/100. A score below 50 means Bitcoin is still dominating the market over the past 90 days. We’d need to see it cross 75 to confidently call it a full-blown altseason.
Bitcoin’s Current Price
As of now, Bitcoin is trading around $118,377, down slightly from yesterday.
