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Former Bloomberg analyst Jamie Coutts has made notable statements, suggesting that the altcoin market is on the verge of a significant breakout against Bitcoin (BTC). Coutts shared his analysis with his followers on the social media platform X, emphasizing that an altcoin season is approaching. He illustrated this season using the altcoin season index, which measures the profitability of altcoins relative to BTC.
Indicators of an Approaching Altcoin Season: 3 Coins to Watch
Coutts pointed out that various factors, including the current state of the cryptocurrency market, the US presidential elections, and the liquidity cycle, signal an imminent altcoin season. He highlighted that a traditional indicator of the start of an altcoin season is both the rise of the smart contract platform (SCP) sector and the upward trend of the altcoin season index. This scenario is represented by green arrows in his chart, indicating a bullish trend for altcoins.
Although the altcoin season index has not yet made a significant breakout, Coutts emphasized that SCP projects are beginning to show signs of an uptrend. He identified Solana (SOL), NEAR Protocol (NEAR), and Toncoin (TON) as the top altcoin projects likely to perform well in the coming weeks.
According to him, these altcoin projects could lead the market in the anticipated altcoin season by showing relative strength against the largest cryptocurrency, Bitcoin.
On the other hand, Coutts suggests two potential strategies for investors looking to benefit from the approaching altcoin season. One approach is to anticipate the altcoin season and invest accordingly. The other is to focus on altcoins that are already outperforming BTC and rely on their continued strength.
Current Performance of the Altcoins Highlighted by the Analyst
According to recent data, SOL is trading at 0.00250 BTC ($168) against Bitcoin, with an approximate 1% increase in the last 24 hours. NEAR is trading at 0.0001135 BTC ($7.63) with a slight increase during the day. TON is priced at 0.00009646 BTC ($6.46) with a 1.17% increase in the last 24 hours. These movements support the rising momentum in the SCP sector and Coutts’ bullish outlook.
