Altcoin Season on the Horizon?
A well-known crypto analyst, Michael van de Poppe, is predicting a major boost for the altcoin market in the second half of 2024, potentially leading to historic gains for investors. This prediction isn’t just wishful thinking – there are some solid factors backing it up.
Altcoin Market Rebound
The altcoin market cap has recently bounced back to $1 trillion, a potential signal of the long-awaited altcoin season kicking off in Q3 2024. While altcoins have shown signs of a potential price increase, the expected catalyst, the Ethereum ETF, hasn’t delivered the expected impact so far.
Ethereum’s Potential Impact
Van de Poppe believes that Ethereum’s price could hit new highs soon, especially after the launch of the first-ever spot ETH ETFs in the US. These funds are considered “heavily undervalued” and are expected to have a significant impact on the Ethereum ecosystem, similar to Bitcoin ETFs.
Market Trends
Recent market trends and technical indicators suggest that altcoins are poised for a rally. The altcoin market cap has stabilized, providing a solid foundation for future growth. However, data from Blockchain Center shows that more than 75% of the top 50 altcoins need to outperform Bitcoin to officially declare an altcoin season.
Ethereum’s Forecast
Experts predict that Ethereum could surge to between $4,000 and $7,000. Currently, ETH is trading at $3,275, with a 3.08% increase in the last 24 hours.
This could be the year for altcoins to shine. Keep your eyes on the market and stay tuned for further developments.
