Ethereum Leads Correction in Altcoin Market as FOMO Reduces.

In recent months, the phrase “altcoin season” has become a common term in the cryptocurrency market and comes with expectations of serious price increases. However, the excitement has faded considerably, making way for a more measured and calculated market approach. Apart from Ethereum, many altcoins experienced corrections of 10% to 20% last week. This trend shows that the “fear of missing out” (#FOMO ) that often drives speculative investing at market peaks has decreased significantly.

The decline in #FOMO since the market peak in March presents a potential buying opportunity for savvy investors. Santiment's data indicates that the current market sentiment is approaching the bottom levels and is an advantageous entry point for those who want to benefit from the decrease in excitement during this period. As FOMO levels reach their lowest levels in 2024, investors, especially those interested in prominent altcoins such as Shiba Inu (SHIB), Dogecoin (#DOGE ), and XRP, may consider re-entering the market during this recession.

Bitcoin's approach to its all-time high is in stark contrast to most altcoins trading below their peaks. Famous crypto analyst Benjamin Cowen suggests that expectations of an altcoin bull run anytime soon may be premature. According to Cowen, a significant uptrend is unlikely before the Federal Reserve (Fed) starts cutting interest rates. Historically, altcoins have provided strong returns following Fed rate cuts. Cowen explains:

“The decline in most altcoins parallels the decline in the bull/bear index and is reminiscent of the period before the Fed started cutting interest rates in 2019. This index fell sharply before the Fed cut interest rates in July 2019. “It is very important to monitor these movements because it may be premature to expect an altcoin season without Fed rate cuts.”
$DOGE $SHIB $XRP
#CryptoDeNostradame #ParrotBambooCrypto