- Altcoins are in an accumulation period that is likely to last through Bitcoin halving.
- Crypto analyst Zero Ika says Bitcoin is more likely to outperform altcoins in the ongoing market cycle.
- Zero Ika recommends scaling from Bitcoin to altcoins towards the end of 2023, presenting an opportunity for profits in 2024.
Investors are accumulating altcoins in the current market cycle and they are likely to keep doing so until the end of the Bitcoin halving in 2024, says Zero Ika, the expert behind the crypto handle @IAmZeroIka. This pattern suggests that an altcoin season looks unlikely this year and more probable in 2024, the analyst said on Twitter, adding that it looks like a good time to scale from Bitcoin to altcoins in order to capitalize on the upcoming opportunity.
Also read: XRP social dominance explodes with likely price rally in the altcoin
Altcoin season is likely only in 2024
Based on the altcoin season index by BlockchainCenter.net, it is currently Bitcoin season. The index calculates whether it is a Bitcoin or altcoin season by evaluating the performance of the top 50 cryptocurrencies by market capitalization.
An altcoin season occurs when 75% of the top 50 coins perform better than Bitcoin over a 90-day period in terms of price and market capitalization.
Alt season indicator
After evaluating the altcoin season index, Zero Ika said that the current picture isn’t likely to change in the altcoin market until 2024.
represents the purest state of the altcoin market since it hasn't BTC and ETH.
— ZERO IKA ️ (@IamZeroIka) July 9, 2023
As said in the previous charts, altcoins are currently facing a big accumulation period which has 460B as range high and 290B as range low.
In my opinion, this is intended to last till… pic.twitter.com/m0cRHqi9ON
The analyst argues that an altcoin season is not likely before the next Bitcoin halving. Based on his analysis, Bitcoin is likely to outperform altcoins until the end of 2023. Zero Ika explains this offers traders an opportunity to accumulate more altcoins with no major movements until the end of 2023.
The expert explained that the plan is to slowly scale in from Bitcoin to altcoins at the end of 2023 or the beginning of 2024. Zero Ika explains that the plan does not take into consideration the possibility of a new Bitcoin all-time high in 2023.
Through a chart that tracks the market capitalization of assets excluding Bitcoin and Ethereum, the analyst proves “mass accumulation” among market participants.
Crypto total market capitalization excluding Bitcoin and Ethereum
As seen in the chart above, there has been accumulation of altcoins, excluding Bitcoin and Ethereum, by traders since mid-2022. According to Zero Ika, the next phase is expansion, starting April 2024, post Bitcoin halving.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Monero Price Forecast: XMR soars over 19% amid rising demand for privacy coins
Monero (XMR) price is extending its gains by 19% at the time of writing on Monday, following a 9.33% rally the previous week. On-chain metrics support this price surge, with XMR’s open interest reaching its highest level since December 20.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC and ETH stabilize while XRP shows strength
Bitcoin and Ethereum prices are stabilizing at around $93,500 and $1,770 at the time of writing on Monday, following a rally of over 10% and 12% the previous week. Ripple price also rallied 8.3% and closed above its key resistance level last week, indicating an uptrend ahead.
Ethereum Price Forecast: ETH ETFs post first weekly inflows since February
Ethereum (ETH) recovered the $1,800 price level on Saturday after US spot Ether ETFs (exchange-traded funds) recorded their first weekly inflows since February.
Defi Development Corporation files to offer $1 billion in securities to boost its Solana holdings
Defi Development Corporation (formerly Janover) filed a registration statement with the Securities & Exchange Commission (SEC) on Friday, signaling its intent to offer and sell a wide range of securities, including common and preferred stock, debt instruments and warrants for the purchase of equity
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.