Altcoins
Are we at the beginning of Altcoin season?
The cryptocurrency market is abuzz with speculation as signs point to an impending altcoin season. Market pundits suggest that the stage is set for a major altcoin rally, driven by positive developments such as the planned approval of an Ethereum Spot ETF by the US SEC in July. Additionally, new ETF filings for Solana by VanEck and 21Shares have also fueled sentiment.
Considering that this growing optimism among investors and analysts could mark the start of a new other season.
Market Trends Indicate Start of Alt Season
Recent market developments have sparked excitement about an altcoin season, where altcoins outperform BitcoinKey factors include the expected approval of an Ethereum Spot ETF by the US SEC in July, as well as new ETF filings for Solana by Van Eck
and 21Shares. Notably, these events are seen as potential catalysts for an altcoin rally, as they signal growing institutional interest and regulatory progress.
At the same time, further fueling the discussions, several market experts offered bullish outlooks for the start of the new season. For context, prominent crypto analyst Crypto Rover recently sparked discussions on X by highlighting a chart comparing the altcoin and Bitcoin seasons.
Sharing the chart, he said, “Altcoin season is upon us.” His analysis suggests that the altcoin market is poised for significant growth, supported by favorable market conditions and historical trends.
Source: Crypto Rover, X
Similarly, Captain Faibik shared an optimism market capitalization chart for altcoins, predicting a rise to $2.3 trillion. He acknowledged the challenges facing altcoin holders, with altcoins having recently fallen by 40-50%.
However, he stressed that these corrections are necessary for a healthy trend. Faibik highlighted the solid gains made altcoins from October last year to March 2024, while recognizing the correction phase observed over the past three months.
Furthermore, the analyst even advised buying altcoins on dips and holding them for the next four to six months. He concluded his article by stating that “Q3 and Q4 are going to be epic for altcoins.”
Source: Captain Faibik
Read also: ADA Nears Breakout for $0.7 Ahead of Chang Upgrade
ETH/BTC Chart in Brief
The optimism is further reinforced by the thoughts of other cryptocurrency experts. Ali Martinez recently shared an optimistic outlook for the altseason, comparing ETH/BTC Chart and noting the first signs of an off-season.
In his article » His analysis suggests that Ethereum’s performance relative to Bitcoin is a strong indicator of the broader potential of the altcoin market.
Source: Ali Martinez, X
Meanwhile, the current sentiment echoes previous seasons, where altcoins have historically outperformed Bitcoin in certain market cycles. The anticipation of new financial products like the Ethereum Spot ETF and Solana ETF deposits are seen as a key driver of this potential altseason.
Notably, these products are expected to attract more institutional investments, thereby improving market liquidity and boosting altcoin prices.
Read also: Could Solana emulate Ethereum and hit $1,000? Analysts weigh the pros and cons