Bitcoin hits all-time high

With currency breaking $100,000, altcoins are getting in on the action.

- Ciaran Ryan

Bitcoin (BTC) cracked $100,000 (about R1.8 million) over the past week and set an all-time high when it traded at $108,000 this week. But some extraordinary profits are being made in altcoins (all cryptocurrencies other than BTC).

When 75% of the top 50 altcoins outperform BTC over the previous 90 days, it is "altcoin season". The chart shows the index cracked the 75% level earlier this month. A reading above 60% has historically signaled a major rally for altcoins.

Altcoin Season Index
There's no question that bitcoin's mammoth two-year rally is the real engine behind the recent surge in altcoin prices.

That, and Donald Trump's election in the US. He has appointed crypto-friendly Paul Atkins as Securities and Exchange (SEC) chair to replace the outgoing Gary Gensler, seen by many as something of a crypto grinch.

The second largest crypto by market cap is ether (ETH), the native currency of the Ethereum blockchain, which this week rallied to R70,000 in local currency terms.

It has now formed a quadruple top, which is technically rare and seen by many as a sign of a major move up.

Ether price in ZAR
Solana, once labelled the "Ethereum killer", is likewise on a sprint, pausing last week at $240, a level last seen in 2021.