More than 10 cryptocurrencies surpassed their all-time high prices today

Today, March 8, 2024, Bitcoin (BTC) crossed the $70,000 mark for the first time, setting new all-time high prices.

As is usually the case, the rest of the cryptocurrencies follow Bitcoin’s movements, although with much greater volatility. If Bitcoin goes up, many altcoins go up too. And if the price of Bitcoin falls, the prices of many altcoins also fall.

He rally The bullish trend that took Bitcoin above $70,000 also dragged many cryptocurrencies with it. Many of them have also set new all-time high prices.

Mantle (MNT), Dogecoin (WIF), Fetch.ai (FET), SingularityNet (AGIX), Rendar (RNDR), Mantle Staked Ether (METH), Frax Ether (FTXETH) and Pepe (PEPE)., the top 100 cryptocurrencies and tokens by market capitalization that have new all-time high prices today. Additionally, there are dozens of smaller capitalization cryptocurrencies that were equally fortunate.

CriptoNoticias reports on the fundamental factors that have driven up the price of some of these altcoins these days. For example, in the case of artificial intelligence-related cryptocurrencies like RNDR and FET, expectations about a conference drive the market.

But, there isn’t much of a fundamental explanation for the rise of other of these tokens. Memecoins like WIF or PEPE contain no technological innovation, nor do they provide any utility to the world. They are simply tokens with a strange name that are used for financial speculation. This is a sign of this Markets cannot always be understood rationally.

Is there any winter or not?

Although many cryptocurrencies are on the rise, There is no alternative season at the time of this publication, Or, at least, there isn’t one according to the parameters of the Blockchain Center, which defines an altseason as follows: “If 75% of the top 50 coins outperformed Bitcoin during the last season (90 days) ), so this is an alternative season. Stablecoins (Tether, DAI…) and asset-backed tokens (WBTC, STETH, CLINK,…) are excluded from the top 50.”

This time, Altseason index hits 65 points As seen in the following image:

The AltSeason index must increase by 10 percentage points from the current moment in order to declare – according to the above criteria – that there is officially an altcoin season.