It has been suggested that the first positive decision in the lawsuit between the SEC and Ripple (XRP) could start a bullish altcoin season in the third quarter of this year.
The initial positive decision from the lawsuit between the US Securities and Exchange Commission (SEC) and Ripple prompted market analysts to write scenarios for a possible altcoin bull. Trading manager of Genesis Trading, a subsidiary of Digital Currency Group (DCG), a giant investor in the cryptocurrency market Gordon Grantbecame the prominent name with its bullish rhetoric for altcoins.
He told The Block Nasdaq Pointing to the rise experienced in particular, Grant said that this rising wave of altcoins proportional follow up He stated that he could:
There are signals that altcoin season may start in the third quarter. If you look at risk proxies that tend to lead when altcoins are doing well, one of them includes the Nasdaq, which is heading towards its all-time high. Altcoins perform well when the Nasdaq rises.
On the other hand, Grant stated that the situation in Bitcoin also gives a bullish signal for altcoins. Bitcoin exchange-traded fund (ETF) offered a different perspective to its agenda. Bitcoin dominance of ETF news 52 experienced name reminding that Ripple on the market with the Bitcoin dominance is broken stated.
of bitcoin in the second quarter of this year describing a good performance money flow will be directed towards altcoins suggested:
Bitcoin had a good Q2 so people want to turn around the credit and risk curve. They have made good profits in Bitcoin and will now move some of it to ether, then to riskier altcoins. This is the model we envision.
Gordon Grant stated that a meme coin rally could follow the rise in altcoins, but this could be delayed:
As long as there is liquidity in the crypto ecosystem, meme coins always have bullish potential. But it may take time for them to reveal these gains.
The CryptoQuant report confirms
A report that supports Gordon Grant’s explanations of altcoin season is also on-chain analysis platform. CryptoQuant came from the front. The CryptoQuant report states that this drop in Bitcoin’s market dominance is a potential to the start of altcoin season pointed out.
CryptoQuant, on the other hand, negative atmosphere in derivatives markets He stated that it should not be overlooked:
The drop in Bitcoin’s market cap dominance indicates that the alt season may have begun. However, from a derivatives market perspective, investors still seem to have a negative sentiment despite XRP’s decision.