Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The crypto industry has seen a positive shift with the recent market recovery. After a Q1 full of bullish sentiment, Q2 saw many sectors of the crypto space brewing a pessimistic feeling toward altcoins. Related Reading: Why Is The Ethereum Price Up 20% Today? Experts and market watchers have reassured investors that the price corrections were part of the cycle, predicting that the bullish rally would resume after the cool-off. Now, analysts consider that altcoins are about to embark on a \u201cmassive leg higher\u201d for the alt season. Ethereum\u2019s Surge Refuels Sentiment The crypto market is up by 8.3%, with a market capitalization of $2.55 trillion. This market surge has seen Bitcoin, the flagship cryptocurrency, soar past $70,000 in the last day. Similarly, the \u201cking of altcoins\u201d remarkably performed these past 24 hours. Ethereum (ETH)\u2019s price has risen 22% since yesterday, surpassing levels not seen since mid-March. However, ETH is yet to test its all-time high (ATH) of $4,878, set nearly two years ago. As a result, the second-largest cryptocurrency has been criticized this cycle for being \u201ca major disappointment.\u201d In a turn of events, rumors of an approval of ETH spot Exchange-Traded Funds (ETFs) have refueled investors\u2019 bullish tank, \u201cerasing 65 days of down only\u201d with a single daily candle. As ETH rallies, analysts believe it\u2019s only a matter of time before the whole altcoins sector surges to kick off the altcoin season. Crypto analyst Rekt Capital highlighted the \u2018Crypto Money Flow Cycle\u2019, stating that, now that BTC and ETH have rallied, \u201cit\u2019s time for Altcoins to rally.\u201d Is The Altcoins Season Here? During the slowdowns, market watchers have analyzed altcoins\u2019 run this cycle. Altcoin Sherpa has stated that many tokens didn\u2019t \u201crun that hard\u201d during round 1 of the bull run, resulting in his forecast of a 1-4 months \u201ccool-off\u201d period before resuming the uptrend. Despite the similarities with previous bull runs, the singularities of this cycle, like the approval of Spot Bitcoin ETFs and the Memecoin pre-sale frenzy, have made investors question whether they would see the alt season this time. Nonetheless, several analysts, who urged investors not to panic before, suggest the community prepares for the \u201cmaniac phase\u201d ahead. Crypto Yoddha shared his chart for the 2024 altcoin cycle, stating that the dip was \u201cjust a higher low in an uptrend.\u201d Per the chart, the altcoins market is now looking to retest the $1.27 trillion resistance level seen in March before testing last cycle\u2019s $1.7 trillion ATH. To crypto Yoddha, \u201cwe’re looking at the bullish continuation\u201d that will lead to a new market ATH during round 2. Similarly, Top analyst Micha\u00ebl van de Poppe, who recently sold all his BTC for Altcoins, stated that the Altcoin market capitalization has finished its correction: The next step: reaching all-time high, which is ~60-70% from here. I think #Ethereum is likely reaching that in the next 2-4 months. Related Reading: Bulls In Control: Ethereum Longs See Biggest Candle Ever After ETF News Lastly, Crypto Jelle considers that \u201cAltcoins are about to embark on a massive leg higher\u201d after an 18-month accumulation period. The analyst compared the market\u2019s recent breakout to a ball being held underwater, claiming that \u201cit\u2019s time for history to repeat.\u201d Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":609187,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[30232,34800,142,92336,89447,10923,8323,1946],"class_list":["post-609186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-alt-season","tag-altcoin-market-cap","tag-altcoins","tag-altcoins-season","tag-crypto-analysts","tag-crypto-market","tag-eth","tag-ethereum"],"acf":[],"yoast_head":"\n
Altcoins \u2018Maniac Phase\u2019 Preparing, Analysts Call For Next Leg Up<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n