By
Mayowa Adebajo
June 17th, 2024
Altcoins have been a center of attraction in the past week following Ether’s (ETH) 27% gain over the course of the duration.
Interested traders and crypto enthusiasts generally are bracing up for the altseason to start any moment from now. This follows after analysts noticed a recent surge in the total market capitalization of altcoins, bringing the value very close to a key resistance level.
Altcoins have been a center of attraction in the past week following Ether’s (ETH) 25.9% gain over the course of the duration. This price movement of Ether – the leader of the altcoin pack – led the way for other coins, as they jointly raised the altcoins’ total market capitalization to about $1.16 trillion, per TradingView data.
While the current figure represents a 15% increase in about two weeks, the market cap means that altcoins are approaching the mid-March resistance levels when their combined market cap surpassed $1.2 trillion.
Traders and Analysts Share Altseason Predictions
On Sunday, a prominent trader identified as ‘Trader Tardigrade’ took to his X account to share his thoughts on the potential of altcoins in the coming weeks. In the post, he shared a chart showing an “inverse head-and-shoulders pattern”, and then predicted that the altcoin market is poised to surge three times if its total market cap can manage a breakout from the pattern.
#Altcoin market will surge 3x if $Total2 (Crypto Total Market Cap excluding #Bitcoin) breakout this inverse Head & Shoulders Pattern.
We are now at the end of the right shoulder. It is expected to breakout in a few weeks time according to this pattern.#Altseason #ETH #SOL #Alts pic.twitter.com/sIEZ99xwfg— Trader Tardigrade (@TATrader_Alan) May 26, 2024
Another trader and analyst ‘Rekt Capital’ shared an observation on the same day. Rekt submitted that the altcoin market cap could do its highest weekly close since early April 2024.
Echoing their sentiments, technical analyst ‘Yoddha’ also shared a chart while also claiming that he expects “some insane pump in alts” once it breaks above the weekly resistance.
For what it’s worth, there are currently many more similar predictions and theories about a potential surge in the combined market cap of altcoins. This appears to signal that the altseason might just be around the corner.”
Besides, historically, capital tends to flow from top to bottom and vice versa during bullish and bearish trends. During such price movement cycles as the ongoing one, Bitcoin (BTC) usually goes first, followed by Ether, and then altcoin markets.
As of publication, Bitcoin has shed nearly 3.7% of its market dominance in just two weeks. That is yet another proof that altcoin markets may be awakening.