Bitcoin (BTC) cracked $100,000 (about R1.8 million) over the past week and set an all-time high when it traded at $108,000 this week. But some extraordinary profits are being made in altcoins (all cryptocurrencies other than BTC).
When 75% of the top 50 altcoins outperform BTC over the previous 90 days, it is "altcoin season". The chart shows the index cracked the 75% level earlier this month. A reading above 60% has historically signaled a major rally for altcoins.
Altcoin Season Index
There's no question that bitcoin's mammoth two-year rally is the real engine behind the recent surge in altcoin prices.
That, and Donald Trump's election in the US. He has appointed crypto-friendly Paul Atkins as Securities and Exchange (SEC) chair to replace the outgoing Gary Gensler, seen by many as something of a crypto grinch.
The second largest crypto by market cap is ether (ETH), the native currency of the Ethereum blockchain, which this week rallied to R70,000 in local currency terms.
It has now formed a quadruple top, which is technically rare and seen by many as a sign of a major move up.
Ether price in ZAR
Solana, once labelled the "Ethereum killer", is likewise on a sprint, pausing last week at $240, a level last seen in 2021.
Denne historien er fra December 20, 2024-utgaven av The Citizen.
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Denne historien er fra December 20, 2024-utgaven av The Citizen.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Kwena a huge talent
WALTER: MUST ALLOW YOUNG FAST BOWLER SPACE TO THRIVE AND GROW
Bulls shake up their loose trio
The Bulls are hoping to use the learnings they picked up in two Champions Cup defeats over the past two weekends, to help them get a win over a Springbok-laden Sharks in their United Rugby Championship (URC) clash at Kings Park in Durban this evening (kick-off 6pm).
Sacha ready to put in a big shift
URC: FOCUSED ON HELPING WITH A STORMERS REVIVAL
Aussie feel to two French Top 14 clubs
La Rochelle host Clermont in the French Top 14 today with an Australian feel to both clubs' hefty second rows.
Lions place strong focus on tightening up their defence
The Lions will be looking to shore up their leaky defence when they take on the Stormers in their United Rugby Championship (URC) match-up at the Cape Town Stadium today (kick-off 3.45pm).
Sharks must get bite back
The Sharks are aiming to bounce back in their United Rugby Championship (URC) encounter against the Bulls at Kings Park in Durban today (kick-off 6pm), after a disruptive week.
India hold the whip hand in world cricket
Pakistan's loss of several Champions Trophy matches underlines India's dominance of cricket - and that \"stranglehold\" could tighten with an Indian now heading the global governing body.
Fourie to call the shots
STORMERS: VETERAN NAMED SKIPPER AS KEY STARS RETURN TO FACE LIONS
Konstas drawn into Aussie mix
CHANCE: TEENAGE OPENER IN SIZZLING DOMESTIC FORM
Retiring Ashwin is one of the 'all-time greats'
Spinner Ravichandran Ashwin (below) will go down as one of India's greatest players after retiring from international cricket this week aged 38.
