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.

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.