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XMR Bitcoin breaks through $79,900, Altcoin Season Index is still far from reaching the Altseason threshold
After Wednesday's decline, Bitcoin has now exceeded $79,900. Bitcoin is trading at approximately US$79,800, with an intraday increase of more than 2%. This trend has also driven some altcoins. Arbitrum continues to rise. The simultaneous weakening of the US dollar has provided some breathing space for risky assets.
Bitcoin breaks through US$79,900
The rebound continues an already strong August market. Bitcoin rose nearly 25% in August, setting its best August performance in nine years. Bitcoin's rise accelerated on Thursday, surpassing the level of a few hours earlier. The intraday high hit about $79,926 at one point. Bitcoin re-approached the $79,000 mark after opening from around $77,000.
The weakening of the US dollar played a contributing role. The DXY index fell, while U.S. stocks, gold and multiple cryptocurrencies rose simultaneously. However, the Bitcoin ETF is still hesitant. On Wednesday, a net outflow of $9.3 million from the Bitcoin ETF, compared with $239 million the day before.
In the derivatives market, positions remain relatively light. The options market showed more optimism. Among Bitcoin call options, contracts with strike prices of $82,000 and $84,000 are the most actively traded on Deribit. As a result, traders began to look again at higher prices.
Arbitrum accelerates its rise even faster
Bitcoin rises. Some altcoins are also making efforts. Arbitrum remains strong. ARB's first wave of gains on Thursday was up nearly 17% in 24 hours, with daily trading volume approaching $486 million.
A week ago, the trading volume was hovering around $50 million. ARB's open interest also reached a record high of approximately 1.58 billion tokens. Other cryptocurrencies have gained relatively slowly. Monero kept rising. Pump.fun also went higher. Uniswap became one of the exceptions after a sharp rise in the past.
The performance of some altcoins gives people the impression of capital rotation. But the market has not yet reached this stage. The Altcoin Season Index is still well below the 75 threshold commonly used to define Altseasons. Most mainstream cryptocurrencies still need to outperform Bitcoin over a longer period of time.
Bitcoin continues to play a leading role. After breaking through $79,900, Bitcoin is one step closer to the $80,000 area-an area that has been tested multiple times since the end of August. Further above is resistance around $82,800.
However, altcoins are starting to attract more capital. This trend is not new: at the end of August, nearly 65% of Bindian's trading volume was concentrated in altcoins, the highest level in two years.
