Ethereum

Flow

Memecoin

Sherpa

Rekt

The crypto industry has seen a positive shift with the recent market recovery. After a Q1 full of bullish sentiment, Q2 saw many sectors of the crypto space brewing a pessimistic feeling toward altcoins. 
Experts and market watchers have reassured investors that the price corrections were part of the cycle, predicting that the bullish rally would resume after the cool-off. Now, analysts consider that altcoins are about to embark on a “massive leg higher” for the alt season. 
<h2 id="ethereum-s-surge-refuels-sentiment">Ethereum’s Surge Refuels Sentiment</h2> 
The crypto market is up by 8.3%, with a market capitalization of $2.55 trillion. This market surge has seen Bitcoin, the flagship cryptocurrency, soar past $70,000 in the last day. 
Similarly, the “king of altcoins” remarkably performed these past 24 hours. Ethereum (ETH)’s price has risen 22% since yesterday, surpassing levels not seen since mid-March. 
However, ETH is yet to test its all-time high (ATH) of $4,878, set nearly two years ago. As a result, the second-largest cryptocurrency has been <a href="https://www.newsbtc.com/news/ethereum-has-been-a-major-disappointment-trader-weights-in-on-this-crypto-cycle/" target="_blank" rel="noopener ">criticized</a> this cycle for being “a major disappointment.” 
In a turn of events, rumors of an <a href="https://www.newsbtc.com/analysis/eth/ethereum-soars-20-eth-etf-rumors/" target="_blank" rel="noopener ">approval</a> of ETH spot Exchange-Traded Funds (ETFs) have refueled investors’ bullish tank, “erasing 65 days of down only” with a single daily candle. 
As ETH rallies, analysts believe it’s only a matter of time before the whole altcoins sector surges to kick off the altcoin season. Crypto analyst Rekt Capital <a href="https://x.com/rektcapital/status/1792918642071400945" target="_blank" rel="noopener nofollow">highlighted</a> the ‘Crypto Money Flow Cycle’, stating that, now that BTC and ETH have rallied, “it’s time for Altcoins to rally.” 
<h2 id="is-the-altcoins-season-here">Is The Altcoins Season Here?</h2> 
During the slowdowns, market watchers have analyzed altcoins’ run this cycle. Altcoin Sherpa has <a href="https://www.newsbtc.com/news/are-altcoins-cooling-off-analyst-weighs-in-on-this-cycles-market/" target="_blank" rel="noopener ">stated</a> that many tokens didn’t “run that hard” during round 1 of the bull run, resulting in his forecast of a 1-4 months “cool-off” period before resuming the uptrend. 
Despite the similarities with previous bull runs, the singularities of this cycle, like the approval of Spot Bitcoin ETFs and the Memecoin pre-sale frenzy, have made investors question whether they would see the alt season this time. 
Nonetheless, several analysts, who urged investors not to panic before, <a href="https://x.com/MikybullCrypto/status/1792887274230702329" target="_blank" rel="noopener nofollow">suggest</a> the community prepares for the “maniac phase” ahead. Crypto Yoddha shared his chart for the 2024 altcoin cycle, stating that the dip was “just a higher low in an uptrend.” 
<img loading="lazy" decoding="async" class="size-large wp-image-301359" src="https://i0.wp.com/bitcoinist.com/wp-content/uploads/2024/05/GOGcmtVagAAOqnh.jpeg?resize=980%2C495&amp;ssl=1" alt="Altcoins, crypto" width="980" height="495" data-wp-editing="1" data-recalc-dims="1"> 
Per the chart, the altcoins market is now looking to retest the $1.27 trillion resistance level seen in March before testing last cycle’s $1.7 trillion ATH. To crypto Yoddha, “we’re looking at the bullish continuation” that will lead to a new market ATH during round 2. 
Similarly, Top analyst Michaël van de Poppe, who recently sold all his BTC for Altcoins, <a href="https://x.com/CryptoMichNL/status/1792865419138933021" target="_blank" rel="noopener nofollow">stated</a> that the Altcoin market capitalization has finished its correction: 
<blockquote>
 The next step: reaching all-time high, which is ~60-70% from here. 
 I think #Ethereum is likely reaching that in the next 2-4 months.
</blockquote> 
Lastly, Crypto Jelle considers that “Altcoins are about to embark on a massive leg higher” after an 18-month accumulation period. The analyst <a href="https://x.com/CryptoJelleNL/status/1792784061158830444" target="_blank" rel="noopener nofollow">compared</a> the market’s recent breakout to a ball being held underwater, claiming that “it’s time for history to repeat.” 
<img loading="lazy" decoding="async" class="size-large wp-image-301361" src="https://i0.wp.com/bitcoinist.com/wp-content/uploads/2024/05/TOTAL2_2024-05-21_08-43-28.png?resize=980%2C551&amp;ssl=1" alt="Altcoins, TOTAL 2" width="980" height="551" data-recalc-dims="1">

Altcoins ‘Maniac Phase’ Preparing, Analysts Call For Next Leg Up

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