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The altcoin season has begun, according to Crypto Twitter, as a result of Ethereum’s (ETH) rise beyond $2,100 following the Shanghai hard fork. Along with ETH, several other cryptocurrencies have had double-digit rises over the previous day, whereas Bitcoin has only experienced a little increase.
One of the experts who proclaimed the beginning of the new altcoin season is Arthur Hayes, the former CEO of BitMEX. The ETH 4-hour chart was tweeted by Hayes. He wrote, making reference to a Jay-Z interlude: “Allow me to reintroduce myself. My name is ALTSZN!!!”.
But other experts agree with Hayes that in the next few weeks, altcoins will outperform Bitcoin. Scott Melker nicknamed The Wolf of All Streets, tweeted “beautifully” and supplied the Bitcoin dominance chart below.
Bitcoin was rejected yesterday at the higher end of the range (at 49%) with an overbought RSI and a bearish divergence, as Melker had forecast. Melker predicts that as a result, cryptocurrencies will make significant gains over the next several weeks, while Bitcoin’s dominance will continue to decline.
The expert claims that “unless we see a MAJOR breakout and Bitcoin crushes everything,” there will not be an altcoin season.
These 6 Altcoins Are Worth Watching
Melker said that when it comes to providing altcoin charts in his newsletter, he is often quite conservative. The analyst, who praised Fantom (FTM), Binance Coin (BNB), and Solana (SOL) last week, stated, “So when I choose to, I have relatively high conviction that alts are relatively safe for the moment.”
Miles Deutscher of Crypto Banter expresses a distinct interest in “newer” cryptocurrencies, as they have validated his theory by exhibiting double-digit price surges in recent days. Notably, the analyst notes that up-and-coming currencies such as Arbitrum (ARB), Aptos (APT), and Optimism (OP) are outpacing their well-established competitors.
The market loves gravitating toward the latest shiny thing. The same thing happened last cycle, and it will happen again,” anticipates Deutscher, who perceives three factors for this. First, new technology provides an upgrade over its predecessor.
Second, the psychological limitations on the upward potential of the absence of past price movement (resistance) are less severe. The performance of the old currencies, according to investors, can be replicated by new coins like ARB and APT.
Third, current trends have a bigger effect on store awareness than previous storylines.
The top 100 companies by market cap’s largest gainer at the time of writing was Arbitrum (+20.87%). Aptos and Optimism are also reporting significant rises, with +3.16% and +6.92%, respectively.
On the other hand, there exist voices of caution as well. The prominent trader is known as “Koroush AK” states:
In a bull market the cycle is clean and predictable. $BTC –> $ETH –> Altcoins –> Trashcoins –> Repeat
However we’re not in a full blown bull market, I suspect this will be more like 2019. Expect coins to lag, isolated narrative pumps, sharp crashes and unpredictable ends to the cycle. You will get rekt trading this like a full blown bull market.
Related Reading: | Weekly Market Watch: Bitcoin Bulls Lead The Way, Altcoins Follow Suit |