The cryptocurrency market has seen significant inflows over the past 30 days, a trend that has intensified significantly in the past two weeks. It is interesting that most of the flow It was in Bitcoinwhich caused the leading cryptocurrency to break into a new world All-time highs are back.
Ethereum, although late to the party, has done just that It started receiving huge influxes During the last 48 hours. as, The leading altcoin rose By about 24% during the past seven days. This allowed the price to surpass the $3,000 level for the first time since early August. This impressive rise in Ethereum prices is shed light In the rest of the altcoin market, especially The idea of altcoin season.
Altcoin’s market cap is about to break through
The combined market capitalization of altcoins, which represents all cryptocurrencies except Bitcoin, has increased significantly since the beginning of November. According to the TradingView chart initially Subscribed on Social Media Platform It has been on an uptrend From the November low of $860 billion on November 4. At the time of writing, the market cap is $1.095 trillion, which represents a 27.3% increase in the altcoin market in less than a week.
Total crypto market cap at $2.66 trillion on the daily chart: TradingView.com
This is an upward trend that has arisen Of wider flow In the cryptocurrency market, the market cap of altcoins has now been seen breaking the downward trend line when drawn from its March 13 high of $1.267 trillion. With this in mind, cryptocurrency analyst Captain Vibeke noted that “the altcoin party hasn’t started yet,” hinting that altcoin season could start very soon.
Interestingly, the analyst expects an additional $349 billion inflow into the altcoin market before the end of the year, which could cause another 31.41% increase from the downtrend line. If this prediction comes true, the altcoin market capitalization will see a breakout to 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 notable distance from the threshold of 75 required to declare an official altcoin season. However, recent trends and momentum within the altcoin market suggest that the start of altcoin season may be closer than previously expected YTD. Altcoin season is defined as the period when altcoins begin to outperform Bitcoin in gains as investors begin to diversify their portfolios.
At the time of writing, the majority of large-cap altcoins are outperforming Bitcoin on both the 24-hour and seven-day time frames. Ethereum, Solana, Dogecoin, and Cardano are currently up 30%, 25%, 70%, and 52%, respectively, in the past seven days, compared to Bitcoin’s 16% increase in the same time frame.
Featured image from TheStreet, chart from TradingView
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