Investors are enjoying seeing Bitcoin bounce back above $30,000 and Ether above $2,000. Meanwhile, persistent inflation and worries about the threat of additional rate hikes remain in the back of investors’ minds. While the cryptocurrency market remains on solid ground, altcoin season is here, according to experts!
According to Arthur Hayes, altcoin season has arrived
BitMEX co-founder Arthur Hayes believes that the altcoin season has already arrived. While assets such as Etherum (ETH), Arbitrum (ARB) and Dogecoin (DOGE) have made significant gains in recent days, BTC has remained relatively stable in the $30-31k range. In one of his most recent tweets, Hayes presented the price chart of Ether (ETH), summarizing its rise above $2,100 reached in the past few hours.
The impressive performance of Ethereum’s native token could be a result of the successful completion of the Shapella upgrade, one of the most significant developments since Merge. This development allowed validators to withdraw their deposited ETH, which initially led some to assume that the price of the coin might head south given the possible large amounts to be unlocked.
However, security measures did not allow such a massive unlock and the token’s valuation went in the opposite direction, surpassing $2,100 for the first time in almost a year. Other digital currencies, including BNB and DOGE, have also been bullish over the past few hours. Binance’s native token has risen above $330 and has risen over 4% over the past seven days. The world’s largest crypto exchange announced its 23rd quarterly burn on April 14, removing more than $670 million in BNB from circulation.
Altcoin season will start this time
Crypto analyst Ran Neuner has released his latest video analysis in which he gives insider tips on identifying the start of the altcoin season and maximizing your earnings. Ran suggests that for moderately aggressive investors, two of the three indicators may be enough to start shifting capital to Ethereum (ETH) and other altcoins. These indicators could include a new high for Bitcoin (BTC), a rejection of BTC dominance, or an increase in the overall market value of altcoins.
According to Ran, investors can start taking positions as soon as they notice a pullback or bounce support in BTC dominance. As more indicators align, these traders can naturally climb the ladder in their investments.
Identifying strong altcoins for a bull run
Ran emphasizes the importance of finding strong altcoins to trade during altcoin season. He suggests monitoring price performance and open interest to gauge market sentiment and strength. Platforms like CoinGecko, CoinMarketCap, and CoinBubble, for example, can help identify top-performing altcoins over various timeframes.
It also highlights the importance of monitoring open interest on trading platforms like coinlize.net to determine which protocols are gaining interest. Ran generally favors high-volume, ideally over $500 million open interest tokens as they exhibit greater adherence to price structures and less price volatility.
Analyst says altcoin season is here
cryptocoin.comAs you follow, this week, the price of Ethereum (ETH) exceeded $ 2,000 for the first time in nearly a year. Expert crypto traders believe that the altcoin season has begun, so investors have plenty of opportunities to reap substantial returns, provided they are cautious.
According to analysts, in a bull market, liquidity flows from Bitcoin (BTC) to Ethereum, then to altcoins and finally to shitcoins before the cycle repeats itself. A crypto influencer on Twitter argues that the current phase is more like 2019 than a true bull market. He says investors should expect coins to react more slowly with sudden price jumps, violent crashes and the end of the unpredictable cycle.
Crypto market finds solid ground as altcoins rise
According to Kitco senior technical analyst Jim Wyckoff, the early morning surge pushed April Bitcoin futures prices to a new contract high on Friday. βA price bullish trend is firmly in place on the daily bar chart,β the analyst says after this move. In this context, the analyst makes the following statement:
There is no stronger technical element in a market than the price trend. And the price uptrend is currently friendly to BC bulls. They have a solid overall near-term technical advantage for further upside action in the near term.
For those wondering if the market has reached a local top or if there will be more gains in the near future, crypto trader Moustache posted the following tweet highlighting a promising development regarding the Relative Strength Index (RSI).
Meanwhile, market analyst Caleb Franzen has identified a potentially alarming bearish divergence that could result in a pullback in prices in the near future.
It is not yet clear which direction things will develop in the near future, but the general consensus on crypto Twitter is that a new bull cycle has begun and the next year will see new highs in Bitcoin, Ethereum and total crypto market value.
Altcoin season is here
It was another generally positive day for the altcoin market, causing many traders to announce that alt season is coming as Bitcoin solidifies its support base above $30,000.
Space ID (ID) led the market for another day, hitting an all-time high of $0.83, gaining 47%, followed by Injective (INJ) 28% and Arbitrum (ARB) 23.5%. . The overall cryptocurrency market cap is currently $1.27 trillion and Bitcoin’s dominance rate is 46.2%.
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