Altcoins rally across the board as bitcoin consolidates near $84,000
Quant jumped 39% over 24 hours and 93 of 100 CoinDesk 100 constituents rose, with the altcoin season index at its highest in more than three months.
- Bitcoin traded at $84,342, unchanged since midnight UTC, after climbing from below $63,000 in August to almost $87,000 on Tuesday.
- Compute and DeFi tokens led, the CoinDesk Computing Index up 9.5% over 24 hours and the DeFi Select Index 8.7% against the blended benchmark’s 2.5%.
- The market shrugged off Bitget’s $351.6 million hack, with the exchange saying a $464 million protection fund covers the loss and withdrawals suspended pending review.
is consolidating, trading at $84,342 on Friday and unchanged since midnight UTC, while almost everything else in the market is climbing, with 93 of the 100 CoinDesk 100 constituents higher over the past 24 hours and the CoinDesk 80 up 4.7% against the CoinDesk 5’s 1.0%.
The rotation follows the pattern of previous cycles, in which capital moves into more speculative bets once bitcoin has run hard and stalled, with the cost of holding a long position through elevated funding pushing traders to rotate.
Bitcoin has climbed from below $63,000 in August to almost $87,000 on Tuesday and has gone sideways since, and altcoins are benefitting as a result, CoinMarketCap’s altcoin season index reading 56 out of 100 against 45 a week ago and 38 a month ago, its highest in more than three months.
, internet computer (ICP) and bittensor (TAO) drove the CoinDesk Computing Index (CPUS) 9.5% higher over 24 hours, with the DeFi Select Index (DFX) up 8.7%, both more than three times the blended benchmark’s 2.5%.
