{"id":576185,"date":"2024-02-21T21:00:54","date_gmt":"2024-02-21T21:00:54","guid":{"rendered":"https:\/\/uniquehot.com\/?p=576185"},"modified":"2024-06-11T07:55:59","modified_gmt":"2024-06-11T07:55:59","slug":"altcoin-season-heres-what-glassnode-data","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/altcoin-season-heres-what-glassnode-data\/","title":{"rendered":"Is Altcoin Season On? Here’s What Glassnode Data Says"},"content":{"rendered":"

Here’s what the “Altseason Indicator” from the on-chain analytics firm Glassnode says regarding if an Altcoin season is currently going on or not.<\/p>\n

What Altseason Indicator Says Regarding The Altcoin Season<\/h2>\n

In its latest weekly report, Glassnode<\/a> has discussed what the Altcoin season<\/a> status for the cryptocurrency market has looked like recently. To check whether the “altseason” is on, the analytics firm has devised its Altseason Indicator.<\/p>\n

This metric judges if the investors are in a risk-on mode based on how capital rotations are occurring in the sector. There are two conditions the indicator checks for.<\/p>\n

Related Reading: Bitcoin FOMO Hasn\u2019t Spiked Yet: Green Signal For Rally To Continue?<\/a><\/div>\n

First, the Altseason Indicator looks at the capital netflows involving the three major asset classes in the sector: Bitcoin (BTC), Ethereum (ETH), and stablecoins.<\/p>\n

For the former two assets, netflows are gauged using their “realized caps.” The realized cap<\/a> is a capitalization model that calculates any asset’s total valuation by assuming that the real value of any token in circulation is the price at which it was last moved rather than the current spot price.<\/p>\n

The last transfer for any coin was likely the last point at which it changed hands, so the price at the time of that transaction would be its current cost basis. As such, the realized cap sums up the cost basis of every holder in the sector.<\/p>\n

Put another way, the realized cap measures the actual amount of capital the investors have put into the asset. Thus, changes in the metric would reflect the amount of capital flowing into or out of the asset.<\/p>\n

For the stablecoins<\/a>, net flows can be judged based on the supply or market cap alone, as the stables’ value remains tied to $1 at every point, so the magnitude of the market cap and realizes cap would be equal (both of these would also equal the supply, except for the unit).<\/p>\n

For the Altcoin Season to be active, all three asset classes should have positive netflows. This is because capital generally enters the cryptocurrency sector through these coins and only then rotates into altcoins as investors’ appetite for risk rises.<\/p>\n

The other condition the Altseason Indicator checks for is the momentum in the altcoin market cap itself. In particular, the metric confirms whether or not the altcoin market cap is currently over its 30-day simple moving average (SMA).<\/p>\n

\"Altcoin<\/p>\n

The data of the Altseason Indicator over the past few years | Source: Glassnode's The Week Onchain - Week 8, 2024<\/a><\/pre>\n
The chart shows that the Altseason Indicator first started flashing the risk-on signal in October of last year. However, the signal turned off when the market cooled off following the launch of the Bitcoin spot ETFs.<\/p>\n
Related Reading: Solana, Chainlink Among Coins With Overheating Open Interest: Data<\/a><\/div>\n
After staying off for 22 days this month, though, the Altseason Indicator seems to have been saying that the Altcoin season is back on.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around the $50,900 level, down 1% in the past week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the price of the asset has gone down over the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, Glassnode.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Here’s what the “Altseason Indicator” from the on-chain analytics firm Glassnode says regarding if an Altcoin season is currently going on or not. What Altseason Indicator Says Regarding The Altcoin Season In its latest weekly report, Glassnode has discussed what the Altcoin season status for the cryptocurrency market has looked like recently. To check whether the “altseason” is on, the analytics firm has devised its Altseason Indicator. This metric judges if the investors are in a risk-on mode based on how capital rotations are occurring in the sector. There are two conditions the indicator checks for. Related Reading: Bitcoin FOMO Hasn\u2019t Spiked Yet: Green Signal For Rally To Continue? First, the Altseason Indicator looks at the capital netflows involving the three major asset classes in the sector: Bitcoin (BTC), Ethereum (ETH), and stablecoins. For the former two assets, netflows are gauged using their “realized caps.” The realized cap is a capitalization model that calculates any asset’s total valuation by assuming that the real value of any token in circulation is the price at which it was last moved rather than the current spot price. The last transfer for any coin was likely the last point at which it changed hands, so the price at the time of that transaction would be its current cost basis. As such, the realized cap sums up the cost basis of every holder in the sector. Put another way, the realized cap measures the actual amount of capital the investors have put into the asset. Thus, changes in the metric would reflect the amount of capital flowing into or out of the asset. For the stablecoins, net flows can be judged based on the supply or market cap alone, as the stables’ value remains tied to $1 at every point, so the magnitude of the market cap and realizes cap would be equal (both of these would also equal the supply, except for the unit). For the Altcoin Season to be active, all three asset classes should have positive netflows. This is because capital generally enters the cryptocurrency sector through these coins and only then rotates into altcoins as investors’ appetite for risk rises. The other condition the Altseason Indicator checks for is the momentum in the altcoin market cap itself. In particular, the metric confirms whether or not the altcoin market cap is currently over its 30-day simple moving average (SMA). The data of the Altseason Indicator over the past few years | Source: Glassnode’s The Week Onchain – Week 8, 2024 The chart shows that the Altseason Indicator first started flashing the risk-on signal in October of last year. However, the signal turned off when the market cooled off following the launch of the Bitcoin spot ETFs. Related Reading: Solana, Chainlink Among Coins With Overheating Open Interest: Data After staying off for 22 days this month, though, the Altseason Indicator seems to have been saying that the Altcoin season is back on. BTC Price At the time of writing, Bitcoin is trading around the $50,900 level, down 1% in the past week. Looks like the price of the asset has gone down over the past day | Source: BTCUSD on TradingView Featured image from Shutterstock.com, Glassnode.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":576239,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[12333,79508,134,25731,142,51066,41995,91703,8323,78803,61309,12837,83627],"class_list":["post-576185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ada","tag-adausdt","tag-altcoin","tag-altcoin-season","tag-altcoins","tag-alts","tag-altseason","tag-altseason-indicator","tag-eth","tag-ethusdt","tag-glassnode","tag-sol","tag-solusdt"],"acf":[],"yoast_head":"\nIs Altcoin Season On? 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. 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