Altcoin Season on the Horizon? Memecoin Rally Fuels Speculation

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Written By Pinang Driod

As Bitcoin surges towards its historic all-time high, leading the crypto landscape, a subtle but significant shift is noticeable in the altcoins realm. Altcoins, often overshadowed by Bitcoin’s dominance, are gearing up for a moment in the limelight.

Altcoin Insights from K33 Research

In a recent report, K33 Research analysts unveiled a noteworthy pattern suggesting the imminent rise of altcoins. Drawing parallels with the 2020 altcoin rally, they emphasized a marked increase in Bitcoin’s market cap compared to all other cryptocurrencies, excluding Ethereum (ETH). This pattern, echoing past altcoin seasons, hints at the potential comeback of these digital underdogs.

“Judging by history, altcoins will start outperforming about the time we are now… There is enough risk appetite to send a select few alts on big runs, but we have yet to see a new wave of retail entering the altcoin arena to create the rising tide that lifts all boats.”

K33 Research

Meme Coin Rally: What Does It Indicate?

A recent surge in meme coins, featuring familiar names like Dogecoin (DOGE) and Shiba Inu (SHIB), alongside newcomers Pepe Coin (PEPE) and Bonk (BONK), has caught the crypto market’s attention. This sudden surge, with DOGE and SHIB gaining 40%-50%, and newer tokens doubling in price, is seen as a potential precursor to the eagerly awaited altcoin season. Standout performers include Dogwifhat (WIF), Pepe (PEPE), and Bonk (BONK), each showcasing impressive gains.

“There is enough risk appetite to send a select few alts on big runs, but we have yet to see a new wave of retail entering the altcoin arena to create the rising tide that lifts all boats.”

K33 Research

Read More: Memecoin Mania Explodes, Shiba Inu Prices Soar, and Dogwifhat (WIF) Shows Strong Momentum

Swissblock Pitches In

Swissblock analysts echo K33 Research’s sentiment, pointing towards indicators like the median return of altcoins versus Bitcoin, signaling the onset of an altcoin season.

“Signs point to an imminent alt season… The key signal to look for to confirm the start of a period of altcoin outperformance is ETH’s clearing the $3,500 price threshold.”

Swissblock

Where Are Altcoins Headed?

Santiment’s market insights highlight a notable market shift. While Bitcoin reaches new heights and experiences significant capital inflows through Spot Bitcoin ETFs, altcoins are gaining attention due to an increased total crypto market capitalization and trading volume.

Analyst Michaël van de Poppe supports the idea of an upcoming altcoin season, anticipating Ethereum to reach $4,500-5,000, with altcoins potentially delivering 2-4x returns.

However, a different perspective comes from analyst Ali, suggesting a potential correction for Bitcoin, as indicated by the TD Sequential indicator.

This Might Interest You: Crypto Bull Run Begins: TOP 10 Altcoins to 10x Before Bitcoin Halving

The crypto market appears to be on the verge of the altcoin season. Analysts and market observers are signaling the prelude to an altcoin dominance, drawing insights from historical trends and recent market dynamics. The stage is set for altcoins to emerge, offering investors an exciting opportunity.

A time for celebration indeed!

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