According to the "2024 New Token Listing Analysis Report" released by CoinMarketCap, this bull market is driven by institutions, mainly helping mainstream currencies such as ETH, SOL, TON and BNB. Unlike before, this round of bullish sentiment is mainly driven by ETFs and institutional assets. Since the approval of the US spot Bitcoin ETF on January 10, 2024, more than 70 ETFs around the world have attracted $28 billion in capital inflows. Institutions now hold more than $72 billion worth of Bitcoin through these ETFs and funds, pushing Bitcoin prices to new historical highs again and again. Similar effects are also intuitively reflected in Ethereum and the SEC's announcement of its ETH ETF approval in May 2024. This bull market seems to be driven by institutions and only helps mainstream currencies. In addition to Meme coins, ETH, SOL, TON and BNB lead the mainstream currency track and become the best performing large-cap currencies.
Regarding the question of “Will there be another altcoin season?”, CoinMarketCap reported that its altcoin season index shows that if more than 75% of the top 100 cryptocurrencies outperform Bitcoin in the past 90 days, the market has entered the altcoin season. Although retail investors’ interest in new projects has weakened, the current market provides strategic investment opportunities for high-potential projects. Looking at the market in the second half of 2024, we can already see a lot of opportunities, whether it is the supply shock after the halving, or the first Fed rate cut since 2021, and the upcoming US election, both Trump and Biden have expressed support for the crypto industry, which will give the crypto market new impetus.
