Bitcoin is consolidating around $84,342 on Friday, unchanged since midnight UTC, while the rest of the market rallies, with 93 of the 100 CoinDesk 100 constituents gaining over the past 24 hours and the CoinDesk 80 up 4.7% compared with the CoinDesk 5’s 1.0%.
This rotation mirrors earlier cycles where capital shifts to more speculative assets after Bitcoin has run hard and stalled, as elevated funding costs for long positions prompt traders to reallocate.
Bitcoin rose from below $63,000 in August to nearly $87,000 on Tuesday before consolidating, and altcoins are now benefitting; CoinMarketCap’s altcoin season index stands at 56 out of 100, up from 45 a week ago and 38 a month ago, its highest level in over three months.
Chainlink , Internet Computer (ICP) and Bittensor (TAO) led gains, pushing the CoinDesk Computing Index (CPUS) 9.5% higher over 24 hours, while the DeFi Select Index (DFX) rose 8.7%, both more than triple the blended benchmark’s 2.5%.
