Analysts are once again speculating about a possible start to the altseason after the recent surge in
Analysts are once again speculating about a possible start to the altseason following the recent surge in the total market cap of altcoins – including Ethereum (ETH) – which is now approaching a key resistance level.
Cryptocurrency traders and analysts have been eyeing altcoins following Ethereum's 27% gain over the past seven days.
Altcoin's total market cap is currently around $1.16 trillion, according to TradingView. It has risen 15% over the past two weeks and is approaching resistance levels since mid-March when it surpassed $1.2 trillion.
On May 26, “Trader Tardigrade” told his 50,000 followers on
“The breakout is expected to occur within a few weeks according to this pattern,” they added.
On May 26, trader and analyst Rekt Capital noted that the altcoin market cap is set to achieve its highest weekly close since early April 2024.
Meanwhile, technical analyst Yoddha said, “Expect some crazy pumping into altcoins when this breaks above weekly resistance” in a post on X on May 26.
Analyst “Moustache” shared a similar chart with his 120,000 followers on X, saying: “Altseason is very close.”
Analysts also noted that in previous cycles, Bitcoin prices moved first, followed by Ethereum, and then altcoin markets, as capital tends to flow down the chain into lower-capitalization coins.
Bitcoin market dominance has fallen by 3.7% over the past two weeks to 53.9%, another sign of strengthening altcoin markets.
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In a post on
He predicted that in this cycle, the total market cap will reach $15 trillion, an increase of 450% from current levels of $2.7 trillion.
The total cryptocurrency market cap has been limited over the past three months between the $2.9 trillion high in mid-March and the $2.3 trillion correction low on May 1, according to CoinGecko.
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