Bitcoin Surges Again, Signaling the Start of Altcoin Season

Bitcoin rallies back to $97,000 but market dominance has declined, signaling the start of this cycle’s Altcoin Season.

Azcnews Bitcoin Surges Again, Signaling The Start Of Altcoin Season

Bitcoin surged to $97,000 yesterday, leading to an explosion in the value of Altcoins in the market. The cryptocurrency market is witnessing strong volatility as the Altcoin Season Index climbed to 59, signaling a vibrant period for Altcoins.

Although still holding a strong position at 57.3%, Bitcoin dominance has slightly decreased, reflecting the growing interest of investors in Altcoins. The Altcoin Season Index recently increased sharply from 33 to 59, approaching the threshold of 75 – the official confirmation of Altcoin season.

This trend shows the growth momentum of Altcoins, especially driven by large price movements from coins such as Ethereum, Solana and XRP. Historically, such periods have been accompanied by a decline in Bitcoin dominance, allowing Altcoins to take over the market.

Altcoin Season Index
Altcoin Season Index

Cryptocurrency mining company MARA, formerly known as Marathon Digital, updated investors on November 27 about the acquisition of 6,474 Bitcoin through a $1 billion convertible bond offering with a 0% coupon.

According to the announcement, MARA purchased an additional 703 BTC after completing the purchase of 5,771 BTC at an average price of $95,395. Currently, the yield per share of BTC owned by MARA is 36.7%. The total amount of Bitcoin in the company’s treasury is currently around 34,797 BTC, equivalent to a value of around $3.3 billion.

In addition, MARA has repurchased a portion of its 2026 maturing bonds for $200 million and plans to use the remaining $160 million of the raised funds to continue buying more Bitcoin when prices are more attractive in the near future.

According to a report from Bitcoin-focused financial services company River, as of November 2024, 62 public companies have adopted Bitcoin treasury management strategies.

(3 votes)

4.3/5

(3 votes)

Latest

Crypto Market Surpasses $4 Trillion, Overtakes Microsoft Amid Policy Boost

News | Altcoin | Bitcoin | Editor Choice

Crypto Market Surpasses $4 Trillion, Overtakes Microsoft Amid Policy Boost

The cryptocurrency market has surpassed $4 trillion in market capitalization for the first time, overtaking Microsoft, driven by supportive U.S. policies and a surge in investments from both individuals and institutions.

Xrp Explodes, Whale Moves Spark Bullish Momentum

News | Altcoin | Editor Choice

XRP Explodes, Whale Moves Spark Bullish Momentum

XRP’s open interest has surged by over 18%, accompanied by a spike in derivatives volume and a golden cross in the MVRV ratio, fueling investor expectations of a major upcoming price breakout.

Xrp Reaches New Peak After 7 Years Of Waiting

Altcoin | Editor Choice

XRP Reaches New Peak After 7 Years of Waiting

This morning, Ripple (XRP) officially reached a new peak at $3.60, becoming the third-largest cryptocurrency in the market.

Donald Trump Plans To Allow Pension Funds To Invest In Crypto

Policy & Regulations | Editor Choice

Donald Trump Plans to Allow Pension Funds to Invest in Crypto

U.S. President Donald Trump aims for pension funds in the country to allocate capital into assets such as gold, private securities, and especially cryptocurrencies.

Wintermute Reports No More Eth Available For Sale Via Otc

Altcoin | Editor Choice

Wintermute Reports No More ETH Available for Sale via OTC

Wintermute has reported that the amount of ETH sold through OTC has run out, indicating impressive buying activity from institutions targeting Ethereum.