Analysts are speculating again about a potential start to altseason after a recent surge in total altcoin market capitalization — including Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) — which is now approaching a key resistance level.&nbsp;
Crypto traders and analysts have been eyeing altcoins following Ether’s <a href="https://cointelegraph.com/news/ether-gains-5-percent-in-24-hours-post-etf-approval-pump">27% gain</a> over the past seven days. 
Altcoin total market capitalization is currently around $1.16 trillion, <a href="https://www.tradingview.com/chart/dqZZEm12/?symbol=CRYPTOCAP%3ATOTAL2" target="_blank" rel="noopener nofollow">according</a> to TradingView. It has increased 15% over the past fortnight and is approaching resistance levels from mid-March when it topped $1.2 trillion.
On May 26, ‘Trader Tardigrade’ <a href="https://x.com/TATrader_Alan/status/1794650695070896556" target="_blank" rel="noopener nofollow">told</a> his 50,000 followers on X that the altcoin market could surge three times its total market cap if it manages to break out from an "inverse head-and-shoulders pattern."
“It is expected to breakout in a few weeks time according to this pattern,” they added.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/925d976a-48ad-4428-992c-32810a75bce8.jpg">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/TATrader_Alan/status/1794650695070896556" target="_blank" rel="noopener nofollow">Trader Tardigrade</a>
 </figcaption>
</figure>
On May 26, trader and analyst ‘Rekt Capital’ <a href="https://x.com/rektcapital/status/1794752355675861408" target="_blank" rel="noopener nofollow">observed</a> that the altcoin market cap is set to perform its highest weekly close since early April 2024.
Meanwhile, technical analyst ‘Yoddha’ <a href="https://x.com/CryptoYoddha/status/1794752982464258452" target="_blank" rel="noopener nofollow">said</a>: “Expect some insane pump in alts when this breaks above the weekly resistance” in a post on X on May 26. 
Analyst ‘Moustache’ <a href="https://x.com/el_crypto_prof/status/1794740344812404756" target="_blank" rel="noopener nofollow">shared</a> a similar chart with his 120,000 followers on X, stating, “Altseason is just around the corner.”
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/c4c10893-36f0-42d1-bc78-039db9a60e1f.jpg">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/el_crypto_prof/status/1794740344812404756" target="_blank" rel="noopener nofollow">Moustache</a>
 </figcaption>
</figure>
Analysts have also observed that in previous cycles, Bitcoin prices moved first, followed by Ether, and then altcoin markets, as&nbsp;capital tends to flow down the chain into lower-cap coins. 
Bitcoin market dominance <a href="https://cointelegraph.com/news/bitcoin-dominance-risks-18-month-uptrend-ether-etf-launch">has declined</a> 3.7% over the past fortnight to 53.9%, another sign of strengthening altcoin markets. 
Related: <a href="https://cointelegraph.com/news/bitcoin-dominance-risks-18-month-uptrend-ether-etf-launch">Bitcoin dominance risks breaking 18-month uptrend on Ether ETF launch</a>
In a post on X on May 25, MN Trading founder Michaël van de Poppe <a href="https://x.com/CryptoMichNL/status/1794367826238574681" target="_blank" rel="noopener nofollow">observed</a> that the recent market correction, which was around 25%, entailed a 50-70% correction for altcoins. 
He predicted that in this cycle, total market capitalization would reach $15 trillion, a gain of 450% from current levels of $2.7 trillion.
Total crypto capitalization has been range bound for the past three months between $2.9 trillion in mid-March and the correction low of $2.3 trillion on May 1, <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="noopener nofollow">according</a> to CoinGecko.
Magazine:&nbsp;<a href="https://cointelegraph.com/magazine/godzilla-vs-kong-can-sec-prevail-against-crypto-legal-firepower/">Godzilla vs. Kong: SEC faces fierce battle against crypto’s legal firepower</a>

Traders hope for ‘insane pump’ as altcoins approach key resistance levels

Cointelegraph

Інші статті, опубліковані 27 трав. 2024 р.

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