Bitcoin has been acting all suspicious and goofy for the past 24 hours, and a lot of it has to do with the current volatility of the crypto market. Many altcoins such as Ethereum and XRP are soaring high in the late 24 hours by breaking their own all-time highs instead of Bitcoin, which is still trading under a tad shy of $60k. This consistent rise that altcoins are showing at the moment would be a great thing for the crypto market, right? Yes, it is, but there is a lot of contexts that need to be applied, and above all, the missing pieces of the puzzle need to fall into the right places.
Bitcoin was considered the ultimate reference currency when it came to suggesting or settling the price of other altcoins and such, but lately, this deception has come crashing all around. When Bitcoin is taking a reverse turn in terms of the pricing, the other altcoins such as Ethereum and XRP, on the other hand, are soaring, which defies the general market conception of the Bitcoin tied with that of altcoins.
It is Possible that Altcoin Season is Finally Here
Many believe that this steady development that is taking place all around is the correspondence of the fact that the altcoin season might finally be with us. This is where Bitcoin remains a stagnant crypto entity despite being the flagbearer of the crypto market, and altcoins take control in terms of rising in their value and other such elements. It might be the case, or it might not be as for all this time the performance of the altcoins was directly or indirectly tied with the current performance of the Bitcoin, but this development completely defies this concept.
Bitcoin is still lurking behind the $60k trying to breach it. Still, no luck there; before correcting again, however, Bitcoin is expected to take a steady rise in terms of its price. Still, it is entirely possible that it is a temporary thing, and the market would come back to its normal routine earlier than not. This temporary rise in the price of the altcoins despite a fall in the price of Bitcoin might not be a permanent thing, and more testing is required before validating this theory.