The cryptocurrency market is showing signs of strengthening, with some experts predicting the start of an altseason—a period of rising prices for alternative cryptocurrencies.
Current Situation in the Cryptocurrency Market
Bitcoin and Ethereum prices have risen slightly since the start of the day's trade, which has painted the entire market green. Altcoins, which remained consolidated for a long time, have begun to surge heavily, suggesting the market could be at the foothill of a major altseason. Meanwhile, traders seem to constantly swap BTC and ETH into other altcoins.
Market Position Changes
A popular analyst, ALI, shared interesting data that indicates the net aggregated position change of the top two tokens. According to the data, nearly $2.6 billion worth of BTC and ETH have exited the market in the past week. This sluggish behavior may have influenced the move, indicating a potential shift to other altcoins. However, the selling volume within the markets has also dropped, with the market cap reclaiming $2 trillion.
Expectations for Altcoins
The total market capitalization, excluding Bitcoin and Ethereum, has been stuck within a falling wedge. After the recent rebound from support, a breach above resistance is much expected. The rally is expected to undergo a V-shaped recovery as the Ichimoku cloud has turned bullish, while the RSI is displaying a bearish reversal. The RSI has not surged past 65 since April. Therefore, the altcoins are expected to trigger a healthy run once the RSI surges above these levels, which may propel the altcoin market capitalization beyond $600 billion. However, the real altseason may begin once levels surge above the crucial resistance zone between $700 billion and $710 billion.
The cryptocurrency market is on the verge of a possible altseason. Although it is difficult to make definitive predictions, current signals indicate a potential significant rise in altcoin prices in the near future.
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