With the cryptocurrency market continuing to captivate investors around the globe, it is becoming important to comprehend the dynamics of the Altcoin season. Our Crypto Talk, a cryptocurrency channel, has offered in-depth insights on the subject based on the latest developments and price actions surrounding Ethereum, the second-largest digital asset.
Is The Altcoin Season In Or Very Close?
Ethereum’s has displayed a strong momentum on the upside, attracting about 25% gains over the past 3 weeks, prior to the announcement of the ETH Spot Exchange-Traded Funds (ETFs). Historically, as the crypto asset’s price shows promising movements, it is regarded as a precursor for larger trends in the altcoin market.
Following the recent price movements and development around ETH, Our Crypto Talk believes that the market could be on the brink of an altcoin season. According to the channel, should Ethereum maintain its current trend and remain stable above the $3,800 level, the season may begin earlier than expected.
Also, anticipation is high for a possible season following the approval of the Ethereum spot ETFs. Last week, the United States Securities and Exchange Commission (SEC) approved all 8 ETH spot ETF applications submitted by the world’s largest digital asset managers.
Considering the impact of the products on Bitcoin after approval, the channel might be anticipating a similar scenario for ETH, which could attract investors’ attention to altcoins, thereby triggering the alt season. However, due to the complexities of the listing process, it can take months for the entire effect to develop.
So far, Our Crypto Talk noted that the market appears to be more optimistic than ever about ETF adoption, which suggests a bright future for the crypto market. In addition, following ETH spot ETF acceptance, many other alts, like Solana (SOL), are set to join the train.
While the channel experts the season to come sooner than anticipated, it has pointed out the potential of a consolidation phase before picking up steam. “Looking ahead, the altcoin season might undergo a consolidation phase before gaining momentum,” the channel stated.
Other potential triggers highlighted by the channel to fuel the season are Ethereum’s possible commodity status, the bipartisan support for the Financial Innovation and Technology for the 21st Century Act (FIT21) pro-crypto bill, and former US president Donald Trump’s crypto donations for the impending presidential elections.
The Season Is Upon Us
While Our Crypto Talk thinks the season is not yet in, popular cryptocurrency analyst and trader Titan of Crypto claims it has started. Titan of Crypto underscored his recent interest toward altcoins, due to the notion that the altcoin season has not started.
The expert has advised the community to keep in mind that while markets are not always forgiving, they occasionally provide another chance if the first one is missed. As a result, he has urged crypto enthusiasts not to be lazy during this period and undergo personal research, claiming that the alt season has begun.
Featured image from iStock, chart from Tradingview.com
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