Ethereum(ETH) ETF Fails To Ignite Altcoin Season, Market rebounds above $1 Trillion
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The altcoin marketcap rebound to 1 Trillion USD shifts momentum slightly positive for the long-awaited altcoins season in Q3 2024.
The bulls gained control in today’s session taking up the total crypto marketcap to $2.39 T, a growth of 4% in 24h at press time. Total Trading volume strands at $82.2B, an increase of 4.4% in 24 hours, at the time of writing.
The Ethereum ETF was anticipated to be the flag bearer of altcoin season, but the response so far does not hint anything in favor.
The Altcoin marketcap is moving in a flag pattern, a steady surge above $1.56 T may trigger the altcoin rally and lead to the alt season with favorable market conditions.
Ethereum ETF Potential Stabilized
The Ethereum ETF had a great start with a day 1 trading volume of $1 Billion with massive inflows and outflows. This activity attracted good money into Ethereum but failed to circulate among other altcoins.
With the launch of Ethereum, the market sentiments were at the nib to trigger the altcoins season, but the cooling volume of ETH ETF and distributed interest into BTC ETF could not gather sufficient power.
While the Ethereum (ETH) price is yet to react experts predict the price to experience a massive surge between $4000 to $7000. At the time of writing ETH trades at $3271 with 3.08% 24hrs growth.
Altcoin Season Indicator Kills All Hopes.
Altcoin season required demand was not fulfilled by the crypto markets and this can be seen in the Altseason Season Index indicator that stands below the threshold of 25.
A thrust above 75 will prove the beginning of the altcoin season.
Source Blockchaincenter
Also, the analysis of the Top 50 assets performance in 90 Days, shows only 11 of them have outperformed BTC.
To begin the official alt season, it needs at least 75% of the assets to outperform Bitcoin.
An increase in inflows, and investor comeback in September and October could potentially drive the the altcoins season we all are waiting for.
