Recently, speculations about the start of the altcoin season have increased among analysts due to the increase in the total altcoin market value. In the cryptocurrency world, such speculation is often triggered by significant price movements of certain crypto assets and a general wave of optimism in the market. At the center of these discussions is Ethereum, which has shown a significant price increase. As the market's second-largest cryptocurrency, Ethereum has a significant impact on the health and direction of the overall crypto market. Analysts, especially Michaël van de Poppe, are watching altcoins closely after Ethereum's impressive 27% gain last week.
The total market cap of altcoins currently stands at approximately $1.16 trillion, representing a 15% increase over the past two weeks. This rise is approaching resistance levels observed in mid-March, when market capitalization exceeded $1.2 trillion. These resistance levels are considered an important psychological barrier for investors and can play a critical role in determining future movements of the market. Analysts state that exceeding these levels could mean the official start of the altcoin season and trigger a broader bull market.
Michaël van de Poppe examined the potential impact of the recent approval of the Ethereum ETF (Exchange-Traded Fund) on cryptocurrencies in his YouTube video analysis. Van de Poppe states that such approval could be a significant driving force for altcoins in the current bull market. Approval of an ETF could make it easier for institutional investors to access Ethereum and bring a new wave of liquidity to the market.
The Road to Ascension
Looking at historical patterns, altcoin seasons follow a different liquidity flow pattern. It usually occurs in several stages before launch:
Bitcoin Run: In this phase, the developing bull market leads to Bitcoin potentially reaching new all-time highs. At the same time, Bitcoin dominance begins to decline, indicating a potential shift towards altcoins.
Ethereum's Return: As Bitcoin corrects, Ethereum often emerges as a frontrunner, posting impressive gains. Ethereum's uptrend may coincide with a consolidation phase for Bitcoin.
Following these stages, altcoins often become the focal point of the market and major price movements occur. Analysts state that this process may have started now and the altcoin season is near.
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