Are We At The Beginning of Altcoin Season?
The cryptocurrency market is abuzz with speculation as signs point to an upcoming altcoin season. Market experts suggest that the stage is set for a major rally in altcoins, driven by positive developments such as the expected approval of the Spot Ethereum ETF by the US SEC in July. Also boosting sentiment are new ETF applications for solana from VanEck and 21Shares.
We think the growing optimism among investors and analysts could be the start of a new alt season.
Market Trends Signal Towards the Beginning of the Subseason
Recent developments in the market have increased excitement about an altcoin season where altcoins are outperforming Bitcoin. Key factors include the expected approval of the Spot Ethereum ETF by the US SEC in July, as well as new ETF applications for Solana by VanEck and 21Shares. These events in particular are seen as potential catalysts for the altcoin rally as they signal increased institutional interest and regulatory progress.
Meanwhile, further fueling the debate, many market experts are offering a bullish outlook for the start of an alt season. For context, prominent crypto analyst Crypto Rover recently sparked the debate over X by highlighting a chart comparing altcoin and Bitcoin seasons.
Sharing the chart, he said, “Altcoin season is approaching.” Its analysis shows that the altcoin market is poised for significant growth, supported by positive market conditions and historical trends.
Source: Crypto Rover, X
Similarly, Captain Faibik shared an optimistic market cap chart for altcoins, predicting a rise to $2.3 trillion. He acknowledged the challenges faced by altcoin holders, with altcoins losing 40-50 percent of their value recently.
However, he emphasizes that these corrections are necessary for a healthy trend. Faibik drew attention to the strong gains seen in altcoins from October last year to March 2024, and also acknowledged the correction phase experienced in the last three months.
In addition, the analyst even recommended buying altcoins for the dip and holding them for the next four to six months. He shared his post as “3. “And the 4th quarter will be epic for altcoins,” he concluded.
Source: Captain Faibik
Also Read: ADA Nears $0.7 Breakout Ahead of Chang Upgrade
ETH/BTC Chart in Focus
Optimism is further strengthened by opinions from other crypto experts. Ali Martinez recently shared his bullish outlook for the altseason by comparing the ETH/BTC chart and noting the first signs of an altseason.
“ETH/BTC is finally breaking above the 365 simple moving average,” X said in the post, indicating the early stage of an “upcoming alt season.” His analysis suggests that Ethereum’s performance relative to Bitcoin is a strong indicator of the potential of the broader altcoin market.
Source: Ali Martinez, X
Meanwhile, the current sentiment mirrors previous altseasons where altcoins have historically outperformed Bitcoin in certain market cycles. The anticipation of new financial products like the Spot Ethereum ETF and Solana ETF filings are seen as a key driver of this potential altseason.
In particular, these products are expected to attract more institutional investment, increase market liquidity, and boost altcoin prices.
Also Read: Can Solana Mimic Ethereum and Rise to $1,000? Analysts Weigh In
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A seasoned professional who has worked in the financial market for 3 years, Rupam has honed his skills as a meticulous research analyst and insightful journalist. He enjoys exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise extends beyond traditional boundaries. His contributions include breaking news, examining AI developments, providing real-time crypto market updates, and delivering insightful economic news. Rupam’s journey is marked by his passion for demystifying the intricacies of finance and delivering impactful stories that resonate with different audiences.
The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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