Bitcoin Smashes Past Record $88,000 Milestone Just Days After Hitting $80,000 – Is “Altseason” Next?

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Julia Smith

Author

Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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Last updated:

November 11, 2024 16:17 EST

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With Bitcoin reaching record highs as of Monday morning, members of the crypto community are wondering: when will the next altcoin season hit the market?

Bitcoin Sees New Highs Amid Altcoin Anticipation

Bitcoin soared to $88,000 on November 11, surging past its March 2024 high of $73,000.

Some experts credit the rising price of Bitcoin to President-elect Donald Trump’s victory over Democratic nominee Kamala Harris in the 2024 U.S. presidential election, leaving many to wonder: will altcoins be next?

While Bitcoin season is marked by ballooning demand, altcoin season reflects a period of rapid growth and volatility for a range of alternative digital assets, such as Solana (SOL) and Ethereum (ETH).

2024 alone has seen a heightened interest in Bitcoin from the masses, thanks largely to the United States Securities and Exchange Commission (SEC) approving several ETFs related to the token.

However, with Trump’s pledge to fire the federal agency’s chair Gary Gensler, and enact digital asset-friendly regulations, the entire cryptocurrency sector may receive a boost when he returns to the Oval Office.

Key factors to consider when assessing whether it is altcoin season include an increase in altcoin dominance, rising trading volumes, coin price breakouts, and the altcoin season index.

According to BlockchainCenter.Net, the altcoin season begins when over 75 percent of altcoins outperform Bitcoin in at least a three-month span.

According to the crypto website’s index, the last time a true altcoin season occurred was January 2022, with its altcoin rating at 37 as of Monday, November 11.

Interest rate cuts from the Federal Reserve may also support altcoin activity, though recent Bitcoin investors and public figures such as X CEO Elon Musk have called to abolish the Federal Reserve Banking System altogether.

Trump, who most recently launched his family’s crypto platform World Liberty Financial, frequently taunted his connection to digital assets while on the campaign trail in recent months.

In August, the former reality television star hinted at potentially utilizing Bitcoin as a means of helping to eradicate the nation’s growing $35 trillion debt.

“Who knows, maybe we’ll pay off our $35 trillion,” he told Fox News host Maria Bartiromo during an August 2 interview. “Hand them a little crypto check, right? We’ll hand them a little Bitcoin and wipe away our $35 trillion.”