When does Altcoin Season Start?
Jakarta, Pintu News – The crypto market started the week on a bullish note, with Bitcoin trading above $94,000. Bitcoin (BTC) is increasingly recognized as a safe asset, similar to gold or the US dollar.
According to research from NYDIG, Bitcoin (BTC) is transitioning from a speculative investment to a reliable store of value, particularly following the implementation of US trade tariffs.
Meanwhile, Ripple led the gains among altcoins, rising by almost 8%, boosted by the approval of the ProShares ETF.
Check out the detailed analysis here!
The Surge of Ripple (XRP) and Other Altcoins
Ripple (XRP) led significant gains among altcoins, with a nearly 8% rise following the approval of a ProShares ETF that will launch three futures-tracked products on April 30.
Cardano also recorded a gain of over 3%, while BNB of BNB Chain added just 1%. Ethereum remained neutral in its movements. On the other hand, Solana also gained more than 1%, while SUI recorded a gain of more than 4% on the day.
Monero (XMR) experienced an unexpected surge, jumping more than 40% to reach $371. Currently, Monero (XMR) is trading at $268, representing a 17% increase over the last 24 hours. This rise shows the untapped potential within the broader altcoin market.
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Analyst Predictions About Altcoin Rally
Arthur Hayes, in a recent blog post, stated that altcoins will start to gain momentum once Bitcoin (BTC) breaks its previous record high of $110,000; it could surge further, possibly approaching $200,000. However, he warns that not all altcoins will perform well during a potential altcoin season.
Another analyst, Moustache, believes that the lion’s share of the altcoin rally is still to come. He believes that the hard times are behind us and expects significant price increases in the future.
Crypto Rover highlights that the altcoin is breaking out of its 140-day downward trend. This could be an early signal of a big utility season to come.
Meanwhile, Wimar.X predicts that the biggest altcoin season in history is about to begin, with altcoins forming a triple-bottom pattern that hints at a potential parabolic rally.
He estimates that the total market capitalization of altcoins could reach $15 trillion during this cycle, although such predictions carry significant risk due to the highly volatile nature of the cryptocurrency market.
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Altcoin Season Index and Bitcoin Dominance
Bitcoin (BTC) is currently the dominant force in the market, holding 63.4% of the total market share. Altcoins are struggling, with their overall market power at just 17 according to CoinMarketCap’s Altcoin Index.
This suggests that Bitcoin (BTC) is leading the market, and an altcoin rally may still be a considerable distance away. Nonetheless, with the latest predictions and developments, investors and market watchers remain cautious about potential future movements.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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