Shortly after the FOMC meeting and the US-UK trade transactions this week, Altcoins have accumulated, which was led over the past 24 hours with a 20% ethereum price pump. Also other major cryptocurrencies, such as XRP, Solana (SOL), Dogecoin (Doge), Cardano (Ada), today are 7-12%, leading to a new altage to discussion. Although some technical charts show strength, market analysts have mixed opinions about it.
Predicting the Altcoin Season in the middle of the market structure shift
A renowned cryptocurrency trader, Tardigrade, has predicted the recovery of Alteazon, signaling a significant market exchange. According to the analyst, the entire ceiling of the crypto market, except for Bitcoin (Total2), has a decline in the transition marked by lower high (LH) and lower lowest (LL) rise, characterized by higher high (HH) and higher lower (HL).
Macroinvestor Raoul Pal recommends that Bitcoin's dominance reach its peak, referring to several technical indicators on different schedule. “I think today was BTC domination,” Pal noted. In addition, he noted that this dominance peak is significantly lower than the cycle of the 2021 and 2017 cycle, which shows the shift of market dynamics.
Pal named this scenario as a potential beginning of the next stage of the banana zone, referring to the possible rotation of the Altcoins after he has long failed Bitcoin.
What is the alarm system of the Ethereum rally?
This time, Ethereum (ETH) has led 20% upside down over the last 24 hours and now trading to $ 2,400. It has encouraged optimism throughout the Altcoin market, which is currently buzzing with high trading volumes and strong trading interest. Institutional players like World Liberty Financial and Abraxas Capital have recently decided to gather ETH.
Popular crypto analyst Miles Deutscher stated that ETH pumping is the best possible scenario for Altcoins, calling today the ETH price pump as the biggest one-day step from November 2024. But commenting on Alteazon, Said Deutscher:
“I certainly think there is room upside down, especially for the transition to Als. But I don't get trapped, believing it is an inflatable bottom season. I'm a net tall but not net stupid.”
Going further, it is interesting to see how things look. As the BTC Price continues to high all time, ETH and other ALT-D may join the wagon.
Bhhan Akolkar
Bhhan is a Fintech enthusiast who has an avid understanding of the financial markets. His interest in economy and finance has been put on him to focus on blockchain technology and cryptocurrency markets. He is dedicated to continuous learning and remains motivated by sharing the knowledge he has acquired. In his spare time, Bhhan enjoys reading thrill novels and explores his culinary skills from time to time.
Obligations: The content presented may include the author's personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrency. The author or publication is not responsible for your personal financial loss.
✓ Share: