As a seasoned analyst with over two decades of market observation under my belt, I must say that the recent surge in the crypto market, particularly the altcoin sector, has piqued my interest significantly. The consistent inflows into Bitcoin and more recently Ethereum, coupled with the impressive rally of other altcoins, paint a picture that resonates with the much-anticipated “altcoin season.
Over the past month, there’s been a substantial increase in investments in the cryptocurrency market, with this trend becoming more pronounced over the last fortnight. Notably, the majority of these investments have gone into Bitcoin, pushing the primary cryptocurrency to achieve multiple new record highs consecutively.
In recent days, Ethereum – which was previously less active – has seen significant investment, resulting in a 24% increase over the last week. This surge has propelled its value above $3,000 for the first time since early August, drawing attention to it and other alternative cryptocurrencies (altcoins). The strong Ethereum price growth is fueling speculation about an upcoming period of growth for altcoins, often referred to as an “altcoin season.
Altcoin Market Cap On The Verge Of A Breakout
Since early November, the total value of all cryptocurrencies besides Bitcoin (often referred to as ‘altcoins’) has experienced a significant surge. As initially posted on social media by crypto analyst Captain Faibik using TradingView, this upward trend began from a low point of $860 billion on November 4th. Currently, the total value of these altcoins stands at approximately $1.095 trillion, which equates to a roughly 27.3% increase over the past week.
The surge in the cryptocurrency market, caused by a larger influx of investors, has caused the market cap of alternative coins to breach a downward trendline that was established from its peak of $1.267 trillion on March 13. Crypto analyst Captain Faibik suggests that this could be an indication of an upcoming “altcoin party,” implying that the altcoin season may commence shortly.
Interestingly, the analyst foresees a further $349 billion inflow into the altcoin market before the end of the year, which would cause a further 31.41% increase from the descending trendline. Should this prediction materialize, it will see the altcoin market cap breaking into a new 2024 high.
Altcoin Season Closer Than Before
As a crypto investor, I’ve been keeping a close eye on the Altcoin Season Index data from CoinMarketCap. Currently, it stands at 38 out of 100, which is still quite a stretch from the 75 mark that signals an official altcoin season. However, the recent movements and momentum in the altcoin market suggest that we might be closer to experiencing an altcoin season than initially thought this year. An altcoin season typically occurs when altcoins begin outperforming Bitcoin in terms of gains, indicating that investors are diversifying their portfolios.
Currently, as I type this, most prominent altcoins with larger market caps are surpassing Bitcoin’s performance over both a 24-hour and weeklong scale. Specifically, Ethereum, Solana, Dogecoin, and Cardano have experienced growth of 30%, 25%, 70%, and 52% respectively within the past seven days. In contrast, Bitcoin has only seen a 16% increase during the same time period.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- TON PREDICTION. TON cryptocurrency
- Strongest Magic Types In Fairy Tail
- ENA PREDICTION. ENA cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- GLMR PREDICTION. GLMR cryptocurrency
2024-11-10 21:41