The crypto market has seen significant inflows over the past 30 days, a trend that has grown significantly over the past two weeks. It is interesting that most of the entry be Bitcoinwhich caused the leading cryptocurrency to enter the new all time highs back to back.
Ethereum, although late to the party, has it he started earning a lot of money in the last 48 hours. Thus, the leading altcoin has risen about 24% in the last seven days. This allowed it to break above $3,000 for the first time since early August. This impressive Ethereum price rally to reveal the light throughout the altcoin market, especially i the concept of the altcoin season.
Altcoin Market Cap On The Edge Of Exploding
The combined market cap of altcoins, which represent all cryptocurrencies except Bitcoin, has increased significantly since early November. According to the TradingView chart at the beginning shared on social media X by crypto analyst Captain Faibik, altcoin market he has been improving from the November low of $860 billion on November 4. At the time of writing, this market cap stands at $1.095 trillion, which represents an increase in the altcoin market of 27.3% in less than a week.
Total crypto market cap at $2.66 trillion on the daily chart: TradingView.com
This is the rise, which has come from wide penetration in the crypto market, it has seen the altcoin market now coming out of the downward path where it was set from its March 13 high of $1.267 trillion. With this in mind, crypto analyst Captain Faibik noted that “the altcoins party hasn’t started yet,” indicating that the altcoin season may be starting soon.
Interestingly, the analyst foresees another 349 billion dollars in the altcoin market before the end of the year, which would result in an additional increase of 31.41% from the downward trendline. If this prediction comes true, it will see the altcoin market enter a new high in 2024.
Image from X: Captain Faibik
Altcoin Season Is Closer Than Ever
CoinMarketCap data shows that the Altcoin Season Index currently stands at 38 out of 100, still a significant distance from the threshold of 75 required to declare an official altcoin season. However, recent trends and momentum within the altcoin market indicate that the start of the altcoin season may be closer than expected from the beginning of the year. Altcoin season is defined as the time when altcoins begin to outperform Bitcoin in profits as investors begin to diversify their portfolios.
At the time of writing, most of the major altcoins in the market are outperforming Bitcoin in both 24-hour and seven-day periods. Ethereum, Solana, Dogecoin, and Cardano are currently up 30%, 25%, 70%, and 52%, respectively, over the past seven days, compared to Bitcoin’s 16% increase over the period the same.
Featured image from TheStreet, chart from TradingView
Source link