Altcoin Season on the Horizon?
Crypto analyst Michael van de Poppe is predicting a major boost in the altcoin market, with potential for historic gains for investors. After a recent correction, van de Poppe expects significant growth for altcoins and Ethereum in the second half of 2024.
Why the Altcoin Hype?
The altcoin market cap has bounced back to $1 trillion, which many see as a potential signal for the long-awaited altcoin season to begin in Q3 2024. This is a significant development, as the market has been waiting for this confirmation. While the launch of the first-ever spot ETH ETFs in the U.S. was expected to fuel this movement, its impact has been less pronounced so far.
Van de Poppe believes that the altcoin market has completed its correction phase and is now poised for growth. He predicts that altcoins will continue to rise in the second half of the year, with many likely to see significant gains. He also forecasts a strong bull market, with Ethereum potentially reaching $7,000.
Ethereum’s Potential Impact
Experts believe that Ethereum’s price could reach new highs soon, especially after the launch of the spot ETH ETFs. These funds are seen as “heavily undervalued.” Despite record-breaking ETF inflows of $1 billion, the market hasn’t moved much yet. Van de Poppe predicts these ETFs will have a major impact on the Ethereum ecosystem, similar to Bitcoin ETFs.
Market Trends and Technical Indicators
Recent market trends and technical indicators suggest that altcoins are primed for a rally. The altcoin market cap has stabilized, providing a solid foundation for future growth. However, data from Blockchain Center shows the current threshold is below 30%, and only 11 of the top 50 altcoins have outperformed Bitcoin in the past three months. More than 75% of these altcoins need to surpass Bitcoin to officially declare an altcoin season.
Ethereum’s Price Outlook
Experts predict that Ethereum could surge to between $4,000 and $7,000. Right now, ETH is trading at $3,275, with a 3.08% increase in the last 24 hours.
It remains to be seen whether this will be the year for altcoins to shine, but the current market conditions and expert predictions are certainly generating excitement within the crypto community.
