Ethereum (ETH) has surpassed Bitcoin in 24-hour gains, with a remarkable 8% surge, driving its price to $3,383.97. This rise follows Bitcoin’s impressive performance, hitting a new high of $98,384. As ETH rallies, speculation around an impending “Altcoin Season” intensifies, with other altcoins also showing signs of growth.
Ethereum’s market cap currently sits at $407.61 billion, marking a 7.73% increase, while its 24-hour volume has surged by 46.45% to $51.51 billion. The recent price action has caught the attention of investors, especially as the crypto market continues to respond to US President-elect Donald Trump’s crypto-friendly stance, adding to the bullish sentiment.
Despite the strong rally in altcoins, the much-awaited Altcoin Season has yet to materialize. According to a recent report from QCP, investors are still hesitant to fully dive into altcoins, as Bitcoin remains on the brink of reaching the $100,000 milestone.
Historically, altcoins have outperformed when Bitcoin consolidates after a significant rally, with profits typically rotating into smaller-cap coins.
Currently, Bitcoin’s dominance hovers around 60%, and analysts predict that the altcoin rally could kick off when this dominance falls below 58%. The Altcoin Season Index offers further insight into market trends, currently standing at 33, signaling that altcoins still have room to grow.
This suggests that while Bitcoin continues to be the preferred choice for investors, altcoins are quietly gaining momentum and might be poised for a breakout. Will Ethereum’s recent performance lead the charge for a broader altcoin rally? Is Altcoin Season just around the corner?
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