Altcoins Soar as Bitcoin Consolidates Near $84,000

Bitcoin's consolidation has led to a surge in altcoin prices as investors rotate their capital into more speculative bets. The CoinDesk 100 constituents saw 93 of them rise over the past 24 hours, with the CoinDesk 80 up by 4.7% against the CoinDesk 5's 1.0%. This pattern follows previous cycles, where capital moves into altcoins once Bitcoin has stalled.

The altcoin season index is now at its highest in more than three months, reading 56 out of 100 against 45 a week ago and 38 a month ago. Chainlink (LINK), Internet Computer (ICP), and Bittensor (TAO) led the CoinDesk Computing Index up by 9.5% over 24 hours.

The recent hack on Bitget, which lost $351.6 million, did not deter traders as they continued to buy altcoins. The macro backdrop has turned supportive with European shares opening sharply higher and Brent crude below $100 at $98.94.