Bitcoin News: Altcoin Volume Surpasses Bitcoin, Signaling Start of Alt Season

Cryptoquant founder and CEO Ki Young Ju declares the commencement of the altcoin season, highlighting that altcoins volume has escalated to 2.7 times that of Bitcoin. This trend suggests a significant market shift as stablecoin holders prefer altcoins over Bitcoin. According to Ju, the alt season is now defined by trading volume rather than BTC dominance. Notably, there's been no BTC-to-altcoin rotation observed.

Altcoins Volume Hits 2.7x BTC, Signaling Start of Alt Season

Cryptoquant founder and CEO Ki Young Ju has announced that the altcoin season has begun, citing that altcoins volume has reached 2.7 times that of Bitcoin. This shift indicates a significant change in the market, with stablecoin holders favoring altcoins over Bitcoin. Ki Young Ju emphasized that BTC dominance no longer defines the alt season, but rather trading volume does. The CEO pointed out the absence of a BTC-to-altcoin rotation, suggesting that Bitcoin is no longer serving as a quote currency. This news could potentially impact the market significantly, with investors likely to shift their focus towards altcoins in the coming days and weeks.

Bitcoin Holders Reduce Profit-Taking by 60% as They Eye $120K

BTC has made a moderate price hike over the past day, rising by 1.02%. Bitcoin’s long-term holders have reduced selling by 60% as they eye the $120k mark. Despite profitability remaining intact, long-term holders have reduced their profit-taking, indicating higher confidence in future price increases. This shift in sentiment among long-term holders is significant, as fewer coins entering the market reduce selling pressure.

Microsoft Unveils 'Majorana 1' Quantum Chip, Renewing Focus on Bitcoin's Future

Microsoft has announced its first quantum computing chip, 'Majorana 1', designed to bring quantum technology into real-world applications sooner than expected. The announcement raises questions about Bitcoin's ability to survive the accelerated push toward million-qubit machines, as quantum computing could potentially pose a threat to the cryptocurrency's security. Microsoft claims that the chip's unique design allows for longer and more stable quantum operations compared to previous generations.

Standard Chartered Analyst Geoff Kendrick Believes Bitcoin Could Reach $500k

Standard Chartered analyst Geoff Kendrick believes that Bitcoin could reach a price point of $500,000 before the end of U.S. President Donald Trump's term. This projection suggests new all-time highs for Bitcoin in the coming years, possibly surpassing its current ATH of $109,000. The bullish sentiment is echoed in the success of BTC Bull Token's presale, which has raised $2.5 million.

Utah's Bitcoin Reserve Bill Progresses, Microsoft's Quantum Chip Poses Potential Threat

Utah has made significant progress in its Bitcoin reserve bill, advancing to the second Senate reading. If approved, the bill could allow states to diversify their reserve assets with Bitcoin. However, Microsoft's announcement of a potential quantum chip timeline between 2027-2029 raises concerns about the future security of Bitcoin, possibly putting it at risk sooner than expected. Other states such as Arizona, Montana, and Oklahoma have also shown progress in their respective BTC reserve bills.