Bitcoin Breaks $65K, Igniting Altcoin FOMO

Bitcoin’s recent leap past the $65,000 mark has sparked a wave of excitement and fear of missing out (FOMO) among investors. According to Markus Thielen, head of research at 10x Research, in a report viewed by Cointelegraph, the probability of a bullish rally in Q4 is “exceptionally high,” with potential gains coming in hot and heavy. As Bitcoin (BTC-USD) trades at $65,397, analysts are curious about what this means for altcoins, as speculators rush back in.

Altcoins Surge as Bitcoin Dominates

The return of FOMO has reignited interest in altcoins, which have seen a resurgence in trading volume. Thielen notes, “A major surge could be on the horizon, sparking even more FOMO across the crypto space.” The Altcoin Speculation Index from Capriole Investments has jumped to 23%, a 13% increase over the last month. This index measures the percentage of altcoins that are outpacing Bitcoin, signaling rising investor confidence in these alternative cryptocurrencies. Sei (SEI-USD), for example, has skyrocketed 37.79% in the last week alone, while Shiba Inu (SHIB) has taken the lead in trading volume in South Korea, pointing to a growing appetite for riskier investments.

Greed Index Rises Amid Market Optimism

With the Crypto Fear & Greed Index now showing a “Greed” score of 61—up 11 points since September 26—the sentiment among traders is palpable. As interest rates in the U.S. remain favorable following a recent cut, Thielen suggests that “high-beta altcoins will likely gain further momentum.” This shift could mark the beginning of a larger trend, with analysts like Michael van de Poppe predicting, “It’s going to be glorious. It already is.”

What Is Bitcoin’s Price Right Now?

At the time of writing, Bitcoin is sitting at $65,397.11.