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Altcoin Season on the Horizon as Memecoins Fever Cools: ETH, XRP, ADA and More Gain Momentum

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  • Two phases of altseason are anticipated in this cycle, one imminent in 2-3 months and another towards the end of the year.
  • Ethereum and Solana stand out with outperformance in their prices, evidencing a growing interest in the altcoin market.

We are on the threshold of a bullish season for alternative cryptocurrencies, or “altseason,” according to key market indicators. The monthly Relative Strength Indicator (RSI) for Bitcoin dominance suggests we are at all-time highs, with no precedent for outperformance in the past.

Source: @SantinoCripto

This data points to the fact that Bitcoin’s dominance, which peaked at 56%, could be giving ground, potentially marking the beginning of a favorable period for altcoins, which are gradually capturing more liquidity from the Bitcoin market, as we have mentioned on ETHNEws.

Trend observation shows that the relative highs in Bitcoin dominance are declining, an indication that altcoins could be about to experience a boom.

The projection estimates that this phenomenon could occur in 2-3 months, anticipating not just one, but potentially two bull phases for altcoins within the current market cycle, with the second marking the close of the bull market towards the end of the year.

Among the cryptocurrencies highlighted in this context, Ethereum (ETH) recently surpassed the $4,000 barrier, while Binance Coin (BNB) maintains a price above $500, approaching the $520 resistance threshold .

Source: coinmarketcap

Solana (SOL) has posted an impressive surge, reaching new yearly highs above $150, thanks to its growing adoption and investor interest .

Source: Coinmarketcap

On theother hand, XRP has experienced a slight drop of 2.84% in the last week, while Dogecoin (DOGE) and Cardano (ADA) show a stronger performance, with respective increases above 5% and an advance above $0.72 for ADA, despite a slightly bearish trend in the cryptomeme sector.

Source: coinmarketcap

In addition to Ethereum, which is holding firm above the psychological $4,000 level, Avalanche (AVAX), Polkadot (DOT) and Chainlink (LINK) have also posted gains, especially in the run-up to the Nvidia GTC 2024 Conference, due to the growing interest in artificial intelligence-related cryptocurrencies.

Meanwhile, altcoin season traditionally drains liquidity from the Bitcoin market, the scenario for 2024 could differ, extending its duration due to the unique characteristics of the current bull market.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: [email protected] Phone: +49 160 92211628