Altcoins
Is Altcoin Season Right Around the Corner? Here’s What Analysts Think
The altcoin market cap (TOTAL3) is still 70% below its previous highs, while Bitcoin is close to its all-time high (ATH). Market experts suggest that the stage is set for a major altcoin rally, supported by positive developments such as the approval of the Ethereum Spot ETF by the U.S. Securities and Exchange Commission (SEC) on July 4.
Additionally, new ETF apps for Solana Investments from VanEck and 21Shares are also having a positive impact on market sentiment, shifting interest from Bitcoin to altcoins.
Ethereum Performance vs Bitcoin
June ended on a positive note, with Bitcoin price recovering to $63.7k after its initial drop from $58.560. Meanwhile, Ethereum (ETH) posted a strong performance against Bitcoin (BTC).
According to market analysts, the last time ETH broke through its resistance against BTC, it triggered a seven-month altcoin season from March 2021 to November 2021. Although there were fluctuations during this period, the overall rise in altcoin values was remarkable.
Market analysts suggest Bitcoin could be entering a consolidation phase after its recent parabolic rise. This could pave the way for exponential growth for Ethereum and other altcoins.
Ethereum, as the leading altcoin, looks set to significantly outperform Bitcoin, especially with the possible launch of Ethereum ETF trading by July 4.
Bitcoin Dominance Declines
BTC (BTC.D) Domination The monthly chart shows Bitcoin is testing its long-standing resistance line, which has held since March 2017. Historically, whenever BTC dominance hits this resistance and falls back, Ethereum and other altcoins have shown a substantial recovery.
A decline in BTC dominance indicates that altcoins are gaining value faster than Bitcoin, often signaling the start of an altcoin season.