The current report presented by cryptocurrency exchange Bitfinex analysts pointed out the altcoin season.
Bitfinex analysts recently shared the Alpha report. The report in question stated that the rise in ETH price in parallel with the decrease in Ethereum supply in the exchanges may indicate a possible altcoin rally.
According to CryptoQuant data, since the beginning of January, approximately worth $2.4 billion 800,000 ETH exit was seen.
The details of the statement stated that this signal may indicate the beginning of the altcoin season:
Ethereum has significant momentum behind it, breaking the $3,000 barrier and poised for its highest weekly close in 97 weeks. This volatility is fueling discussions about the potential start of ‘altcoin season’, a phase in which altcoins eclipse Bitcoin.
Approaching dencun In addition to upgrading May Anticipation of the potential approval of a spot Ethereum ETF in June has shifted interest from both retail and institutional investors to Ethereum.
Historically, in bull cycles, Bitcoin first reached a new peak price, followed by serious increases in Ethereum. The rise of Ethereum altcoin market had followed.