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Amid Bitcoin's strong price growth since the beginning of the year, many participants in the crypto space could not help but notice a significant lag in altcoin price action. For example, of the total crypto market's four-month increase in market capitalization of $385.3 billion, $222 billion came with the BTC's performance. According to macro economist and trading guru, Henrik Zeberg, altcoin season is not here. Yet.
Yuri MolchanIn Zeberg's opinion, the missing ingredient to start a full-fledged rally in altcoin prices is greed. It will come, the expert says, as the Fed seems to be done. Zeberg also backs up his opinion with an analytical report from Glassnode and Swissblock co-founders Jan Happel and Yann Allemann.
Is altcoin season really close?
A report from the analysts aims to answer the question of how close the market is to the long-awaited altcoin season. Thus, Jan and Yann suggest with greater certainty that an alt rally will take place, with the transition phase from BTC to ETH already around the corner. However, against the dollar, both assets are now trending downward, which together with the bullish DXY setup creates uncertainty.
Arman ShirinyanOn the other hand, it is likely that the Fed will take a break from rising rates, which would mean the end of the quantitative tightening policy. Then, if altcoin season does arrive, Ethereum will go first, followed by large-cap tokens and then riskier ones, the report says. The authors also suggest paying attention to zero-knowledge crypto projects, which could lead to a possible rally.
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov