Altcoins have garnered significant attention over the past week, driven by Ether’s (ETH) 25.9% gain during this period. Traders and crypto enthusiasts are anticipating the onset of altseason, especially after analysts observed a recent increase in the total market capitalization of altcoins, nearing a critical resistance level.
Ether’s price surge has led other altcoins to follow suit, collectively boosting their market capitalization to approximately $1.16 trillion, according to TradingView data.
This figure represents a 15% increase over about two weeks, indicating that altcoins are approaching the mid-March resistance levels when their combined market cap exceeded $1.2 trillion.
Experts and Dealers Exchange Altseason Forecasts
A well-known trader known as “Trader Tardigrade” used his X account on Sunday to discuss his predictions for cryptocurrencies’ future. He included a chart with a “inverse head-and-shoulders pattern” in the article and said that if the altcoin market’s entire market capitalization could break out from the pattern, it would likely see three consecutive market surges.
On the same day, “Rekt Capital,” a different trader and analyst, shared an observation. According to Rekt, the market capitalization of cryptocurrencies may reach its biggest weekly closing since early April 2024.
Technical analyst ‘Yoddha’ shared a chart and expressed his belief that once the weekly resistance is broken, altcoins could experience a significant surge.
Numerous other predictions and theories also suggest a potential rise in the combined market cap of altcoins, indicating that altseason might be imminent. Historically, capital tends to flow from top to bottom and vice versa during bullish and bearish cycles. Typically, Bitcoin (BTC) leads, followed by Ether, and then the altcoin markets.
As of the latest data, Bitcoin has lost nearly 3.7% of its market dominance in the past two weeks, further suggesting a potential revival of the altcoin markets.
May 2024, Cryptoniteuae
