📣 Is It Altcoin Season? Here’s Why ETH Price Surge Is Crucial
Altcoin season speculation mounts as altcoins such as Solana and XRP saw massive price rallies. QCP Capital reports on looming ETH price.
Cryptocurrencies like Solana (SOL), XRP, Cardano (ADA), Tron (TRX) are taking charge with 15-90% gains over the past weekend. As Bitcoin and Ethereum moved sideways amid the altcoins pump, it has raised speculation about whether it is altcoin season. However, this rally remains incomplete without the ETH price surge as the world’s largest altcoin takes some rest at $3,000.
🔸 When Will the Altcoin Season Start?
The real rally hasn’t yet started! Historically, altcoins have outperformed during consolidation phases following major rallies in BTC and ETH, as profits rotate into smaller-cap coins. QCP Capital noted that BTC dominance currently sits around 60% but would need to drop below 58% to confirm the start of an altcoin season.
In its report, QCP Capital shows that the Solana price has witnessed a quick uptick over the last weekend gaining 17%, and is holding up to the crucial resistance of $240. Analysts at QCP noted that the pro-crypto stand of the Donald Trump administration has triggered a euphoria for an impending altcoin season.
They also added that the BTC price eyes $100K amid favorable conditions. However, as the Trump administration resumes office in January, the investor appetite for altcoins could increase with the hope of favorable crypto policies.
Despite Bitcoin ETF outflows last Thursday and Friday, BTC maintains robust support, driven by institutional interest. Furthermore, top corporations like MicroStrategy and Metaplanet have continued with massive Bitcoin purchases even at $90,000 levels.
