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The alt season has really arrived? Google searches for 'Altcoin' have reached a 7-year high, mainly coming from African countries.
Google Trends shows that the search volume for "alts" (Altcoin) has reached a seven-year high, but don't get too excited. (Background: Bitcoin's market share has dropped below 60%, creating a six-month low. Is a new round of "alt season" coming?) (Additional background: Dada Broadband announced Bitcoin reserves, and the surge this morning has hit the limit up. Is the BTC coin hoarding trend about to sweep the Taiwan stock market?) On August 14, Google Trends revealed that the global keyword "alts" (Altcoin) is expected to rise to a peak of 100 points in the comparative value, setting a new high since January 2018 when it reached 92 points. Search heat hits a seven-year high In the past seven years, whenever the Google Trends index approaches 70 points, it has been accompanied by significant fluctuations in alts. This time it surged to 77 points, meaning that investors' attention is once again focused on smaller coins. Comparing the ICO craze of 2018 and the peaks of DeFi and NFT in 2021, historical experience shows that search volume often leads price movements. However, it should be noted that the top four countries contributing to this month's search heat are all African countries. Signals of capital rotation emerge When Bitcoin's market capitalization dominance falls to the range of 59% to 61%, it is generally interpreted as capital flowing from "BTC" to "small coins." Against the backdrop of Bitcoin being above $120,000 and Ethereum breaking through $4,500, high Beta alts attract more risk-seeking capital. This could prompt multiple hedge funds and market makers to start adjusting their positions. According to CoinMarketCap's altcoin index, today it stands at 41/100, indicating that although the total amount of capital in alts exceeds 1.7 trillion, the index statistics are not overheated. Related Reports Do Kwon admits to fraud: I deceived investors who bought UST/LUNA, I am very sorry... hoping for significant sentence reduction Fuel and Rockets: Why is the engine of this alt bull market said to be perpetual futures? "Is the alt season really here? Google searches for 'Altcoin' have surged to a seven-year high, but the main sources are African countries" was first published in BlockTempo, the most influential blockchain news media.