According to the cryptocurrency community on Twitter, Ethereum’s (ETH) surge above $2,100 after the Shanghai hard fork kicked off the altcoin season. In addition to ETH, a large number of altcoins have seen double-digit gains in the last 24 hours after the update, while Bitcoin has seen a moderate rise. Here are the details…
Altcoin season has arrived?
cryptocoin.com As we have reported, Arthur Hayes, former CEO of BitMEX, is one of the experts announcing the start of the new altcoin season. Hayes tweeted the 4-hour chart of ETH. Referring to a quote from rapper Jay-Z, “Let me re-introduce myself. My name is ALTSZN!!!” he said. But it’s not just Hayes who thinks altcoins tend to outperform Bitcoin in the coming weeks, but other experts agree. Scott Melker aka The Wolf Of All Streets tweeted and shared the Bitcoin dominance chart below.
As Melker discussed Wednesday, altcoin dominance is clearly visible at the moment. Bitcoin dominance has been in the 39 percent to 49 percent range for years. “When the RSI gets overbought and peaks, the dominance drops and the bottoms outperform,” Melker said. At the bottom, the opposite happens,” he explains. Bitcoin was rejected yesterday at the upper end of the range (at 49 percent) with the overbought RSI and bearish bias, as Melker predicted.
Based on this, Melker expects Bitcoin’s dominance to drop again in the coming weeks as altcoins post big gains. According to the analyst, the only scenario that could prevent an alt season is “we don’t see a major breakout” and “Bitcoin crushes everything”.
Analysts: Watch these 6 altcoins
In his latest newsletter, Melker explained that he is generally extremely conservative about sharing altcoin charts. “Preferably, I have a relatively high belief that altcoins are relatively safe for now,” wrote the analyst, who recommended Fantom (FTM), Binance Coin (BNB), and Solana (SOL) last week.
Miles Deutscher of Crypto Banter has his eye especially on “new” coins, which have confirmed his theory and recorded double-digit price increases over the past 24 hours. Interestingly, the analyst notes that new coins such as Arbitrum (ARB), Aptos (APT) and Optimism (OP) outperform their older counterparts. “The market likes to gravitate towards the latest shiny thing. The same thing happened in the last cycle and will happen again,” says Deutscher, and sees three factors for this. First, the new technology offers an improvement over its predecessors.
Second, the absence of historical price action (resistance) is less psychologically constraining in terms of upside potential. Investors believe that new coins like ARB and APT can replicate the performance of old coins. Third, current trends have a greater impact on individual investor awareness than older narratives.
There are also those who are cautious.
However, there are also cautious voices. Famous trader “Koroush AK” used the following statements:
In a bull market, the cycle is clean and predictable. BTC-> ETH -> Altcoins -> Trash coins -> Repeat. But we are not exactly in a bull market, I suspect it will be more like 2019. You can expect lag of coins, narrative pumps, sharp crashes and unpredictable endings in the cycle. You are ‘rect’ if you trade as if we are currently in a full-blown bull market.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.