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<ul><li>The market cap of all altcoins attains an 8-month-high above $663 billion.</li><li>Ethereum price is in the greed zone with a Fear and Greed Index of 73.</li><li>Injective (INJ) is the altcoin with the highest 30-day gain of over 118%.</li></ul><a href="https://thenewscrypto.com/bitcoin-news/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> and Ether (ETH) crossing their crucial resistances — $30K and $2.1K respectively — escalates the likelihood of the next bull run. Parallel to them, other altcoins project their upside potential and bolster the crypto market’s recovery since the onset of this year.The collective price action of altcoins, cryptocurrencies other than Bitcoin, was found above the 200-day moving average (200 EMA), as per the above chart, to signify their bullish state. Notably, this is quite a strong trend as the average direction index (ADX) was recorded at 26.12. Significantly, the altcoin market laid this bullish breakout in January. During the US stock market sell-off in March, the market observed a bearish breach alongside <a href="https://thenewscrypto.com/bitcoin-btc-price-hits-19k-will-the-decline-continue/" rel="noopener noreferrer nofollow">the $19K BTC</a>. But it bounced back along with the two largest cryptocurrencies.Moreover, the altcoins’ market cap surged to hit its 8-month-high above $663.57 billion, as per TradingView. At press time, their total market value was $652 billion. At the time of analysis, the relative strength index (RSI) of all the altcoins combined was on the edge of entering the overbought state — at 69.09 on the scale.<h3 id="bullish-stats-of-the-altcoin-season">Bullish Stats of the Altcoin Season</h3>The <a href="https://thenewscrypto.com/news/ethereum-news/" rel="noopener noreferrer nofollow">dominant altcoin – Ether (ETH)</a> — drove a bullish rally above $2,000 and hit its 11-month-high amid its major Shapella upgrade. Thereby, it recorded a weekly price gain of 12.69%. At the time of writing, ETH traded at $2,095.Continue reading <a href="https://thenewscrypto.com/is-altcoin-season-the-new-indicator-of-the-bull-run-2023/" rel="noopener noreferrer nofollow">&#64;TheNewsCrypto</a>

Is Altcoin Season the New Indicator of the Bull Run 2023?

Is Altcoin Season the New Indicator of the Bull Run 2023?

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