For those keeping an eye on money movements, be alert, because the cryptocurrency market is making a play change that has everyone talking. The 'Bitcoin season' is over, that phase where only Bitcoin soared and left the others behind. Now, everyone is turning their heads to see the altcoins.
The data has been released that the index measuring 'altseason' (the altcoin season) is rising. For an altseason to be official, 75% of the top 50 altcoins must outperform Bitcoin over 90 days. We haven't reached that number yet, but we're already at 35%, a tremendous increase from the 11% we had in June! This is a clear sign that people are investing money in other cryptocurrencies.
Here is where it gets interesting: there has been a massive outflow of cryptocurrencies from Binance, the largest exchange in the world. And what does that mean? 🤔 It means that the whales, or the big investors, are withdrawing their assets to hold them for the long term. It's like they're filling the basket before the price skyrockets. Fewer cryptocurrencies on the exchanges to sell, more demand, and boom! Prices can soar to the stratosphere.
Additionally, the Ethereum network is becoming exciting. Activity on its network is at the highest point in years, with many transactions per second. This is not a coincidence; it's a sign that both small and large investors are back, with their eyes on the price of ETH, which is also rising.
All of this, combined with the fact that Bitcoin reached its all-time high of $123,000, has ignited the fuse of risk appetite. When 'king' Bitcoin rises, people get excited and look for altcoins with the potential to multiply their money. So, even though the 'altseason' has not been officially declared, all signals are pointing in that direction. We need to stay alert because the market might surprise us very soon. Don't lose track of this situation!$ETH $BTC $SOL
