Potential Altcoin Season in August, Says JPMorgan
The altcoin season is one of the most anticipated events this year, as non-Bitcoin investors have been waiting for profits for a long time now.
The chances of an altcoin season rose prior to the recent crash, but there are hopes for the coming month.
JPMorgan Is Bullish on Recovery
In a recent research report, JPMorgan noted that they expect Bitcoin and the crypto market to rebound in August. The report further noted that the potential for liquidations diminishing before the end of this month is high.
However, the bearish market conditions led to the bank lowering its estimated net inflows for this year. The updated estimation suggests the crypto market could note inflows worth $8 billion, down from the prior expectations of $12 billion.
But if Bitcoin’s price rises in August, according to the bank’s estimation, the altcoins could recover, too. There is a misconceived notion that altcoins are suffering from BTC’s growth, resulting in a Bitcoin season.
Read More: 12 Best Altcoin Exchanges for Crypto Trading in July 2024
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Altcoin Season Index. Source: BlockChain Center
However, this will not be the case as the altcoins are only following Bitcoin’s lead. In fact, the last time altcoins rallied to observe the beginning of an altcoin season in the latter half of 2023, they were following BTC’s cues.
But even after rising alongside Bitcoin, at least 75% of the top 50 altcoins, excluding stablecoins, need to outperform BTC.
Only then can the Altcoin Season be confirmed to be initiated.
How Are Alts Doing at Present?
Altcoins are nowhere even close to witnessing an altcoin season since, at the time of writing, about 70% of the alts are performing worse than BTC over the last 90 days.
The only altcoins in the green that are doing better than Bitcoin are Toncoin (TON), PEPE, BONK, Kaspa (KAS), Monero (XMR), and Tron (TRX). All other tokens are noting losses.
Read More: Which Are the Best Altcoins To Invest in July 2024?
Altcoins Performance against Bitcoin. Source: BlockChain Center
Thus, if there is any solid chance of noting an altcoin season, it will likely be in August.
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