Altcoin Upswing Signals Aligning: Is It Time for a Cryptocurrency Surge?
🚀 Altseason on the Horizon? 🎉
That's the buzz going around the crypto world these days, thanks to trader and angel investor "Cyclop" who recently declared that this could be the clearest bull setup for altcoins in their seven years in the game. Here's the lowdown on what's driving this hype.
First up, Bitcoin is sitting pretty near its all-time high, while retail interest is at a record low. Simultaneously, the ETH/BTC ratio has finally broken a three-year downtrend, and the altcoin index is bouncing off a range low - a combination that's sparked alt seasons before. Intriguing, right? Moreover, these factors are aligning at a time when Bitcoin is no longer just seen as speculative but as a macro hedge, store of value, and geopolitical asset. Altcoins, particularly major layer-1s like Ethereum and Solana, are now viewed as technology platforms with high potential.
Add to this mix an increase in global liquidity, a growing stablecoin supply, an altseason index showing bullish divergence, and retail interest hovering near rock bottom - all of which have historically preceded significant altcoin runs. Though CoinMarketCap's Altseason Index still suggests it's Bitcoin season, with a rating of 26, it has bounced off a low of 15 earlier this month when Ethereum started to move. Similarly, CryptoRank's Altcoin Index shows a pattern moving from the mid-teens to 27 at the time of writing.
Moreover, the ETH/BTC ratio, a measure of Ether prices in terms of Bitcoin, has climbed off a five-year low of 0.018 to 0.025 over the past couple of weeks. Meanwhile, Bitcoin dominance has dropped from a four-year high of 65.4% to 62% in a week, according to Tradingview.
Another exciting development happened on May 14 when Web3 growth manager Cas Abbé observed the confirmation of an altcoin market capitalization daily golden cross. This golden cross phenomenon, which has suggested altseasons in the past, might indicate that an altseason is brewing, but there could still be some sideways action before any major upward momentum.
Finally, analyst 'Ash Crypto' told their followers that altseason is coming after observing Ethereum gain 30% over the past week while Bitcoin made less than 3%. Despite a slight cool-down in the crypto markets over the past 24 hours, altcoins are generally holding their own with Binance Coin, Tron, Sui, and Hyperliquid still in the green on Friday morning. 💛🚀
Stay tuned for more updates as the crypto market continues to churn out interesting developments! 😊📈
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- The buzz in the crypto world suggests an altseason could be on the horizon, with trader Cyclop claiming this might be the clearest bull setup for altcoins in seven years.
- Bitcoin's position near its all-time high, combined with low retail interest and a positive trend in the ETH/BTC ratio and altcoin index, have sparked memories of past altseasons.
- Other factors such as increasing global liquidity, a growing stablecoin supply, and historically bullish indicators are also aligning, raising the possibility of a significant altcoin run.
- Recently, there has been a confirmation of an altcoin market capitalization daily golden cross, which, if past trends continue, could signal the start of an altseason; however, there might be some sideways action before any major upward momentum.
