<\/p>\n
- \n
- The anticipated altcoin season could still happen before Bitcoin\u2019s next halving.<\/em><\/li>\n
- Altcoins like INJ, LINK, and SOL are showing signs of strength and readiness for a rally<\/em>.<\/li>\n<\/ul>\n
For most of the second half (H2) of 2023, there was <\/span>speculation<\/span><\/a> that an altcoin season was nearby. But to the disappointment of the eagerly anticipated, altcoins could not fulfill the expectation.\u00a0<\/span><\/p>\n
\nHow much are <\/span>1,10,100 BTCs worth today<\/span><\/a>?<\/span><\/p>\n
\nFor context, an altcoin season describes a period where cryptocurrencies outperform <\/span>Bitcoin [BTC]<\/span><\/a>.<\/span><\/p>\n
Patience is the name of the game<\/b><\/h4>\n
However, trader and founder of MN Trading Micha\u00ebl van de Poppe opined that the possibility should not be written off. He believed that Bitcoin\u2019s rising dominance may have halted the <\/span>initial altcoin sentiment<\/span><\/a>. <\/span><\/p>\n
The analyst also mentioned that this cycle, being the longest bear market ever, may have also pushed the altcoin season forward.<\/span><\/p>\n
\n
#Altcoins<\/a> are in the last part of the bear cycle. <\/p>\n
Yes, it feels relatively painful. The sentiment is completely gone, no interest in crypto. <\/p>\n
The only thing moving is #Bitcoin<\/a> and, yet, that one needs to crack some levels. <\/p>\n
The end is near for the bear market. Read here\ud83d\udc47\u2026 pic.twitter.com\/TLijWdMNKF<\/a><\/p>\n
\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) October 18, 2023<\/a><\/p>\n<\/blockquote>\n
Previously, AMBCrypto had <\/span>reported<\/span><\/a> that the rise of the Bitcoin market dominance has pegged back the strength of <\/span>Ethereum [ETH]<\/span><\/a>, <\/span>Ripple [XRP]<\/span><\/a>, and <\/span>Binance Coin [BNB]<\/span><\/a>. <\/span><\/p>\n
Despite the weakness shown by these cryptocurrencies, van de Poppe noted that the historical altcoin season would happen before the 2024 Bitcoin halving.<\/span><\/p>\n
Furthermore, the analyst defended his point by making an example of tokens that were performing well. <\/span><\/p>\n
According to van de Poppe, the strength shown by the likes of <\/span>Solana [SOL<\/span><\/a>], <\/span>Injective [INJ]<\/span><\/a>, and <\/span>Chainlink [LINK]<\/span><\/a> is proof that the current cycle would not be different from the former ones.<\/span><\/p>\n
At the time of writing, INJ had a 10% increase in the last 30 days. LINK\u2019s <\/span>performance<\/span><\/a> within the same period was also an 8.76% hike, while SOL had more with 18.42%.<\/span><\/p>\n
![\"Chainlink,](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ChainLink-on-Ethereum-LINK-12.02.13-19-Oct-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
The market may be prepared for altcoins<\/b>\u00a0<\/span><\/h4>\n
But price action is not the only metric that could impact potential performance. Other metrics <\/span>relating<\/span><\/a> to network activity can also help in projecting how far a cryptocurrency\u2019s value can go. <\/span><\/p>\n
To start with, Injective\u2019s 30-day active addresses jumped 2x between 15 October and the time of writing.<\/span><\/p>\n
Active addresses show the level of interaction around a project. Thus, the hike in the metric suggests that there was a high level of speculation (possible accumulation) around INJ. <\/span><\/p>\n
In a case where the interaction maintains the status quo, INJ\u2019s price may not be far away from a substantial increase.\u00a0<\/span><\/p>\n
Another metric to consider in this regard is token circulation. But this time, the <\/span>focus<\/span><\/a> is on Chainlink. <\/span><\/p>\n
At press time, LINK\u2019s Circulation (30d) metric was down to 52.12 million, meaning a lot of the tokens had not been used and have remained dormant within the aforementioned timeframe.<\/span><\/p>\n
- Altcoins like INJ, LINK, and SOL are showing signs of strength and readiness for a rally<\/em>.<\/li>\n<\/ul>\n
![\"Chainlink](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Injective-INJ-12.13.04-19-Oct-2023.png\")