**Hold on to your spacesuits, cosmonauts! Altcoin season might be blasting off soon! ** This is not a drill!
The crypto market's been on a wild ride these past few days, with everyone scrambling to fill their bags ïž with the next big gainer! Bitcoin (BTC) mooned above $70k on Monday, but then crash-landed back to $68k on Tuesday morning in Asia.
While most altcoins (like Ethereum) are chilling after yesterday's jump, meme coins are going absolutely bonkers! According to crypto oracles, meme coins like $PEPE (#PEPE ), $BONK (#BONK ), dogwifhat (WIF), and #Floki ($FLOKI ) have been on fire the last few days!
Altcoin Season Incoming!
After months of waiting (and maybe some impatience ), Bitcoin's dominance seems to be signalling the start of a major altcoin season! Technically speaking, Bitcoin dominance ended last week below a key rising trendline, which usually means more money is flowing into altcoins.
Plus, Ethereum (ETH) has been totally outperforming Bitcoin lately , ever since those spot Ether ETFs got approved in the US and Hong Kong. đșđžđđ° The ETH/BTC price is also testing the top of a downtrend channel, which could be a sign of another breakout! âŹïž Get ready for liftoff!
And get this! According to Santiment's data analysis, big Bitcoin whales (with wallets holding between 10,000 and 100,000 BTC) have been selling off for the past two months. Similarly, there's been a big drop in the number of big Bitcoin transactions (over $100k).
On the flip side, Ethereum wallets with at least 10,000 ETH have been stacking a whopping 22 million ETH over the past year! And it's not just ETH - XRP wallets with at least 10 million XRP have been on a similar buying spree, adding 3.17 billion XRP in the last 16 months! This could be a huge sign that investors are getting ready for altcoins to take off! Buckle up, because things are about to get wild!
