Hashkey Capital Altcoin Season Becomes More Likely as Bitcoin Surpasses 80K

According to a crypto investment firm, Bitcoin (BTC) reaching a new all-time high of $73,679 will not be enough to initiate an altcoin season. The analysts from Hashkey Capital stated in a market report on October 23 that altcoin season is more likely to occur when Bitcoin’s price surpasses $80,000. They believe that for altcoin season to begin, Bitcoin’s dominance will need to be between 62% and 70%, which is currently around 58.94% after reaching a three-and-a-half-year high of 58.77%. Some analysts argue that an altcoin season is long overdue, and recent price surges in several memecoins among the top 100 cryptocurrencies indicate that it may be on the horizon. Goatseus Maximus (GOAT) has seen the highest gains in the past week, with a 160.13% increase, followed by Cat in a dogs world (MEW) with a 25.58% gain and Popcat (SOL) (POPCAT) with a 17.13% gain. However, there were concerns in August that the altcoin season might not unfold as expected due to traders speculating on the most speculative coins early on. This article does not provide investment advice, and readers should conduct their own research before making any decisions.