Altcoin
Ethereum ETF (ETH) Fails to Spark Altcoin Season, Market Bounces Above $1 Trillion
The rebound in altcoin market cap to $1 trillion shifts momentum slightly to the upside for the long-awaited altcoin season in Q3 2024.
Bulls took control in today’s session, pushing the total cryptocurrency market cap to $2.39T, up 4% in 24 hours at press time. Total trading volume stands at $82.2B, up 4.4% in 24 hours, at press time.
The Ethereum ETF was expected to be the flagship of the altcoin season, but so far the response does not bode well.
Altcoin market cap is moving in a flag pattern; a steady increase above T$1.56 could trigger the altcoin rally and kick off the altcoin season with favorable market conditions.
Potential Ethereum ETF Stabilized
The Ethereum ETF has had a great start with $1 billion in daily trading volume with massive inflows and outflows. This activity has attracted a lot of money into Ethereum but has failed to circulate among other altcoins.
With the launch of Ethereum, market sentiment was ready to trigger the altcoin season, but the decline in ETH ETF volume and distributed interest in BTC ETF failed to gather enough power.
While the price of Ethereum (ETH) is yet to react, experts predict that the price will see a huge surge between $4000 and $7000. At the time of writing, ETH is trading at $3271 with a growth of 3.08% in 24 hours.
Altcoin Season Indicator Dashes All Hopes.
The demand required by the altcoin season has not been met by the cryptocurrency markets, as can be seen from the Altseason Season Index indicator, which stands below the 25 threshold.
A push above 75 will mark the start of the altcoin season.
Source Blockchain Center
Furthermore, the performance analysis of the top 50 assets in 90 days shows that only 11 of them have surpassed BTC.
For the official alt-season to begin, at least 75% of assets need to surpass Bitcoin.
An increase in inflows and investor returns in September and October could potentially kick off the altcoin season we’ve all been waiting for.