Cryptocurrency turnover is expected to pick up after Bitcoin price establishes a solid support level in the coming weeks.
The second wave of the altseason is expected to materialize in the near future.
In the recent past, the surge in memecoin craze has attracted significant attention from new investors.
The cryptocurrency market remained volatile over the past 24 hours, with leveraged traders liquidating more than $650 million. The price of #BTC has caused significant turmoil in the altcoin market as the macro bullish prepares for a parabolic financial phase. Moreover, Bitcoin price has given signals of falling below $60,000 in the coming days, despite increased demand from institutional investors led by MicroStrategy and BlackRock.
Short-term cryptocurrency volatility has not deterred traders from hunting for potentially profitable setups in the altcoin market in anticipation of the second round of the altseason.
Ethereum market dynamics
The Ethereum network just completed its biggest update since the Shanghai update last year, called Dencun, which turned out to be a classic news selling event.
However, the Ethereum community expects spot ETFs to be approved by May, building on the recent approval of spot Bitcoin ETFs. Moreover, the same fund managers that applied for Bitcoin spot ETFs and found success, led by BlackRock, are now looking to offer Ether spot ETFs.
Top altcoins that will eclipse Ethereum in the near future
According to a leading cryptocurrency trader under the pseudonym The BitWhale, he expects top-cap altcoins to eclipse Ethereum before May. Some of its top options include Polygon (MATIC), Cardano (ADA), and Polkadot (DOT).
Additionally, the crypto analyst expects layer two (L2) projects such as Manta Network (MANTA) to register 2X against Ethereum during the upcoming second session of the altcoin rally.
