The current crypto world is experiencing quite a recovery, which has brought optimism and new opportunities to various sectors.
Although the sentiment towards altcoins in the second quarter is slightly bearish after a strong performance in the first quarter, the future of altcoins looks bright again.
This means that these tokens may see a relatively significant increase in value and symbolize the beginning of the altcoin season.
Overall, the market capitalization of cryptocurrencies has grown significantly in the past few months to 8.3% and is currently worth $2.55 trillion.
Bitcoin, the most famous digital currency, has risen above seventy thousand dollars again, showing the resilience of the market. Bitcoin's biggest competitor, Ethereum, has performed equally impressively, with an intraday increase of 22% to reach its highest price since mid-March.
Although it is still significantly below its all-time high of $4,878, the "disappointment" narrative surrounding Ethereum has reversed and bulls are back in town.
This positive change was mainly driven by rumors of approval of the ETH spot exchange-traded fund (ETF), which triggered a sharp increase in prices.
With Ethereum becoming the new hot coin, analysts began to predict an explosive growth in the entire altcoin market.
If you want to know more about the currency circle and first-hand cutting-edge information, follow me. Junyangli publishes market analysis and recommends high-quality potential currencies every day.
