The altcoin market is showing signs of life as the total market cap approaches historical highs. Ethereum is taking the lead in this movement.
Current State of Altcoin Market
The altcoin market cap is inching closer to all-time highs. After lagging behind Bitcoin, altcoins are beginning to catch up, with Ethereum playing a significant role in this shift.
Analysis of Past Altcoin Surges
Historically, altcoins tend to follow Bitcoin's major moves with a delay. In early 2021, when the market broke past the previous highs, the total altcoin cap tripled within months. While repeating such moves in the current mature market might be overly optimistic, the potential for growth remains.
What to Expect Next?
Investors are now closely watching for a confirmed close above resistance. If this occurs, a rotation of capital from Bitcoin to altcoins could follow, a common trend in later stages of crypto bull markets. "The Altcoin Market Cap is trying to break to new all-time highs," tweets Daan Crypto Trades.
Given the current trends, the altcoin market could enter a new growth phase, unlocking opportunities for investors.
