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July 24, 2024
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Prepare For Altcoin Season Ahead: Here’s What On-Chain Data Suggest

The post Prepare For Altcoin Season Ahead: Here’s What On-Chain Data Suggest appeared first on Coinpedia Fintech News

The money flow from fiat currencies to Bitcoin, to large-cap altcoins, to mid-cap altcoins, and small-cap altcoins has significantly caused financial reorganization worldwide. This has led to stress in the traditional banking industry, resulting in some banks capping money flow to crypto exchanges.

However, Bitcoin’s value has continued to rise despite global recession fears, with the cryptocurrency trading around $28.2k on Friday, up 70% YTD, according to TradingView market data. The second-largest digital asset, Ethereum, has also gained 51% YTD.

Altcoin Market Predictions

Although some altcoins like Dogecoin (DOGE) have not made significant gains since January, crypto analysts predict that the money flow will soon enter the mid-cap and small altcoins in the coming weeks, sparking an altcoin season. 

According to Santiment, several transactions worth over $40 million have already occurred on the networks of altcoins like $MATIC, $FET, $MANA, $DIA, $IMX, and $SAND, indicating increased market activity.

Crucial Indicators for Upcoming Altcoin Season

As per famous Twitter crypto trader @CryptoTony_, the altcoin season is already underway, marked by the recent 10% pump in Litecoin (LTC), which is now trading at around $95 on Friday. With Bitcoin experiencing resistance at $28k, the analyst expects altcoins to start pumping soon. 

The analyst uses the ETH/BTC derivative chart to track the money flow from Bitcoin to the altcoin market.

“We are nearing a pivotal point and a place where I do feel we can bounce hard if we hold. 0.06 – 0.058 is that area to hold,” the analyst stated. The analyst also suggests that Bitcoin price could rise again to $30k before retracing to $25k in the coming weeks.

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