Altcoins Are Waking Up Following Growth In Bitcoin Fundamentals

Austin Arnold, an Altcoin Daily YouTube channel presenter, has spotted fundamental growth in the Bitcoin market. Amid a recent rally that saw the flagship crypto climb above $40,000 for the first time since April 2022, the presenter noted that the total Bitcoin addresses surpassed 50 million for the first time, coinciding with the liquidation of about $600 million worth of short positions.

In the recently uploaded video, Arnold explained that the growth in Bitcoin fundamentals is causing the altcoins to wake up. He used the Altcoin Season Index (Historical Values) to emphasize that the crypto market is currently between a Bitcoin and altcoin season. From the index’s calibration, he noted that anything under roughly 25 is Bitcoin season, while any value above 75 signifies an altcoin season.

According to the Altcoin Daily host, as of the time of recording the video, the crypto market was neither in a Bitcoin or altcoin season. However, he spotted an ongoing change in the trend and identified some altcoins with significant potential for growth in the coming season.

One of the altcoins Arnold identified is Bonsai3 (SEED). He shared an audio recording from an X Space session organized by the Bonsai3 creators. In the shared recording, one of the creators described Bonsai3 as a codeless tool set, likening it to what WordPress did to Web2 by changing the community about web development. He described Bonsai3 as a solution that would make it easier for people to get on-chain.

The Altcoin Daily host identified Prisma Finance (PRISMA) as another altcoin project getting a lot of hype. According to Arnold, the PRISMA creators describe the project as the end-game for liquid staking tokens. He shared a snippet from a presentation by the PRISMA team where one of the speakers confirmed that several smaller players are looking to join the PRISMA project.

Furthermore, Arnold turned his focus to AI-related cryptocurrencies by sharing a part of an interview with Guy, a presenter from Coin Bureau. In the shared video, Guy explained that there would be significant speculation around AI-related tokens in the coming season. However, he noted that he is focusing on the infrastructural aspect of the AI ecosystem, despite how impressive projects like SingularityNET (AGIX) and Fetch.ai (FET) have been recently.