#bitcoin #Ethereum #xrp Bitcoin, Ethereum, Ripple: summarize the results of the week

The BeInCrypto editorial team summarizes the results of the past week. We decided to take a look at the situation with the top cryptocurrencies, including bitcoin, and assess the prospects of the altcoin season

The crypto market behaves differently with different assets. Bitcoin (BTC) is performing well, while Ethereum (ETH) and Ripple (XRP) are still struggling. Meanwhile, the growth opportunities for altcoins will depend on bitcoin's momentum.

Altcoin season potential

Juan Pellicer, senior analyst at IntoTheBlock, argues that multiple signals point to an approaching altcoin season. He says that in previous market cycles, altcoin seasons often began with a steady downward trend of BTC dominance, indicating a shift in market sentiment in favor of altcoins. This trend is a useful precursor. However, analyzing advanced onchain metrics is necessary to identify potential winners for the next altcoin season,” Pellicer said.

"For example, the average time an asset is held by its holders can indicate its resilience. Assets that are held longer by investors can stage more sustained price rallies during bull markets. Onchain data related to whale behavior is also invaluable,” he added.

Market growth also depends on the overall demand for crypto assets. The recent rise is a testament to this demand. However, stability becomes the next important issue. Expanding on this theme, Julio Moreno, head of research at Cryptoquant, told BeInCrypto's editorial team:

"Stabilization and then a slight increase in bitcoin demand from regular holders and large holders (whales). This indicates an increase in demand this month compared to April. Permanent holders bought 74k BTC in the last 30 days, while whale demand increased by 5% m/m. We still need stronger demand growth among these investor categories for the price rally to be sustainable."