Altcoins
Altcoin season looms: Ethereum development leads the way, here’s how
Antalya, Türkiye – May 21, 2021: Close-up of Bitcoin cryptocurrency and alt coins
As the cryptocurrency market continues to captivate investors around the world, it becomes important to understand the dynamics of Altcoin season. Our Crypto Talk, a cryptocurrency channel, has Free in-depth insights on the topic, based on the latest developments and price actions around Ethereum, the second largest digital asset.
Is Altcoin season imminent or very close?
Ethereum‘s displayed strong upward momentum, attracting gains of around 25% over the past 3 weeks, ahead of the ETH Spot exchange-traded funds (ETF) announcement. Historically, as the crypto asset’s price shows promising movements, it is considered a precursor to broader trends in the altcoin market.
Following the recent price movements and development around ETH, Our Crypto Talk believes that the market could be on the verge of an altcoin season. According to the channel, if Ethereum maintains its current trend and remains stable above the $3,800 level, the season could start sooner than expected.
Furthermore, anticipation is high for a possible season after the approval of Ethereum spot ETFs. Last week, the United States Securities and Exchange Commission (SEC) approved all 8 spot ETH ETF applications submitted by the world’s largest digital asset managers.
Considering the impact of products on Bitcoin after approval, the chain could expect a similar scenario for ETH, which could attract investors’ attention to altcoins, thus triggering the alt season. However, due to the complexity of the registration process, the full effect may take months.
So far, Our Crypto Talk noted that the market seems more optimistic than ever about ETF adoption, which suggests a bright future for the crypto market. Additionally, following the acceptance of the ETH spot ETF, many other alts, like Solana (SOL)are ready to join the train.
If the chain anticipates a season coming earlier than expected, it highlights the potential for a consolidation phase before regaining strength. “Looking ahead, the altcoin season may see a consolidation phase before gaining momentum,” the channel said.
Other potential triggers highlighted by the channel to fuel the season are the possible status of Ethereum, bipartisan support for the pro-crypto Financial Innovation and Technology for the 21st Century Act (FIT21) bill, and crypto donations from former US President Donald Trump for the imminent. presidential elections.
The season is upon us
While Our Crypto Talk believes the season is not here yet, popular cryptocurrency analyst and trader Titan of Crypto complaints it started. Titan of Crypto highlighted its recent interest in altcoins, due to the idea that altcoin season has not started.
The expert advised the community to keep in mind that while markets are not always forgiving, they sometimes offer another chance if the first one is missed. As a result, he urged crypto enthusiasts not to be lazy during this time and do some personal research, saying that the alternate season began.
Featured image from iStock, chart from Tradingview.com