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Altcoins rally across the board as bitcoin consolidates near $84,000

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Altcoins rally across the board as bitcoin consolidates near $84,000

Bitcoin

BTC$84,333.74
is consolidating, trading at $84,342 on Friday and unchanged since midnight UTC, while almost everything else in the market is climbing, with 93 of the 100 CoinDesk 100 constituents higher over the past 24 hours and the CoinDesk 80 up 4.7% against the CoinDesk 5's 1.0%.

The rotation follows the pattern of previous cycles, in which capital moves into more speculative bets once bitcoin has run hard and stalled, with the cost of holding a long position through elevated funding pushing traders to rotate.

Bitcoin has climbed from below $63,000 in August to almost $87,000 on Tuesday and has gone sideways since, and altcoins are benefitting as a result, CoinMarketCap's altcoin season index reading 56 out of 100 against 45 a week ago and 38 a month ago, its highest in more than three months.

Chainlink

LINK$13.90
, internet computer (ICP) and bittensor (TAO) drove the CoinDesk Computing Index (CPUS) 9.5% higher over 24 hours, with the DeFi Select Index (DFX) up 8.7%, both more than three times the blended benchmark's 2.5%.

Traders have also looked past the largest exchange hack in months, with Bitget losing $351.6 million overnight to attackers who compromised a backend system in its wallet infrastructure and spoofed transaction data to trigger the exchange's own authorisation process. Chief executive Gracy Chen said private key compromise has been ruled out and that a $464 million user protection fund covers the loss, though withdrawals remain suspended pending a security review.

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