Recent analyses indicate that altcoins have not yet reached their historical highs, despite Ethereum's recent growth.
Current State of Altcoin Market
Currently, many altcoins remain far from their previous all-time highs (ATH), even as Ethereum recently broke its 2021 record. Expectations for a significant altcoin season persist, particularly with historical data signaling bullish trends in October.
Analysts Predictions
Bloomberg ETF analyst James Seyffart stated in a recent interview that the current market is already in an 'altcoin season.' However, he noted that this cycle differs from previous ones. Unlike past cycles where individual investors drove altcoin price surges, this cycle is primarily fueled by institutional investors.
Differences Between Current Cycle and Previous Ones
Seyffart also emphasized that altcoin ETFs are unlikely to generate the same market excitement witnessed with the launch of Bitcoin ETF. He remarked, 'Altcoins won't reach the level of interest that the Bitcoin ETF launch saw,' and suggested that multi-asset ETFs are likely to attract more capital than single-asset altcoin ETFs.
Thus, the current altcoin market exhibits different development patterns compared to past cycles. Institutional investments are becoming key to growth, yet unpredictability remains a significant risk.
