Bitcoin Shocktober Continues To Outperform Altcoins En Masse

In the crypto top 10 by market cap, Bitcoin reigns supreme with no other cryptocurrency close to matching its performance in the daily (-1%) and weekly (16.6%) charts. While BTC’s price trades at $57,415, near its previous highs before May’s crash, the altcoin market lags. The second cryptocurrency by market cap, Ethereum (ETH), records a 3.9% loss in the daily and only a 2% profit in the weekly chart. In the meantime, ADA (-4.7%), XRP (-5.7%), SOL (-5.4%), DOT (-6%) are in the red alongside other major coins. Related Reading | Bitcoin Over $100,000 Is Still Possible By Year-End, Says Research Analyst In higher timeframes, Bitcoin widened the performance margin with the rest of the crypto market, according to a recent report by Arcane Research. Up 41% over that period, the research firm claims the “Bitcoin Season has started”. Know by traders and veteran operators as a period in the cycle when Bitcoin outperforms every other asset, it is believed to precede a bullish bull-run in altcoins. As seen below, BTC has more returns than Arcane’s Large Cap Index only up 21% in the 30-day chart. This could lead to more appreciation for Bitcoin as operators fuel a “loop”, as the research firm called it”, where either BTC or some altcoins outperform: (…) the cryptocurrency market periodically switches between overperformance of altcoins (altcoin season) and overperformance of bitcoin (bitcoin season). Historically, when retail trader...