2023-4-23 20:38 |
The week has been chaotic for the entire cryptocurrency market. With regulatory-centred discourse making rounds again, sentiments are likely to change occasionally. However, the altcoin season seems to be right around the corner, despite the continuous unrest in the market.
Confirming the new development was Author Hayes, the former CEO of cryptocurrency derivatives exchange BitMEX. Taking to Twitter, the former exec posted a screenshot showing the bullish performance of the Ethereum (ETH) altcoin against the USD. With Ethereum’s rise above $2,000, Hayes is certain that altcoin season has, in fact, arrived.
Altcoin season, as the name suggests, is a time when alternative cryptocurrencies in the market enter the bullish zone. During altcoin season, Bitcoin often underperforms as alternative coins lead the market with gains. Investors and traders look forward to the altcoin season, which appears to be extremely promising.
As with previous times, a few altcoins lead the pack during the altcoin season. This time, three altcoins have set the stage for what will come. Leading with gains this month, Ethereum (ETH), Dogecoin (DOGE) and Cardano ADA are dominating.
Ethereum (ETH)Ethereum (ETH) is the second most valued cryptocurrency by market cap. The altcoin, which has maintained its position as the second most valued crypto asset by market cap, is making rounds for its outstanding performance this week. Ethereum (ETH) bulls worked overtime, sending the asset price to $2,000 on the 13th of April. Ethereum last hit these levels in August of 2022. ETH hit a high of $2,121 before plunging to a press time price of $1,883.
Ethereum’s price upsurge has been credited to the recent Shapella upgrade. As stakers now have access to their staked ETH, the network has recorded an upsurge in staking activity. Ethereum’s price seems to be surging in tandem, creating room for a potential upward reversal.
Dogecoin (Doge)Up by more than 6% in the last 7 days, Dogecoin (DOGE), currently the most valuable meme coin, is another promising altcoin poised to outperform in the coming weeks. Trading at $0.08 at press time, with over 6% in losses within the last 24 hours, sentiments are mixed for Doge.
Cardano (ADA)Prior to the current bloodbath, which has caused ADA to shed over 6% of its gains within the last 24 hours, ADA bulls dominated the market, sending weekly gains up to 11%.
Clearing hourly losses, ADA is up 0.33% in the last hour. ADA is one of the few assets poised to rake in gains, as fundamental factors sit in its favour.
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