Is Altcoin Season the New Indicator of the Bull Run 2023?
- The market cap of all altcoins attains an 8-month-high above $663 billion.
- Ethereum price is in the greed zone with a Fear and Greed Index of 73.
- Injective (INJ) is the altcoin with the highest 30-day gain of over 118%.
Bitcoin (BTC) 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 the $19K BTC. 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.
Bullish Stats of the Altcoin Season
The dominant altcoin – Ether (ETH) — 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.
The price rallies and social trends of memecoins also dominated this altcoin season. Their new launches, global adoption, and speculations were the triggers. In the last 7 days, Elon Musk’s favorite Dogecoin (DOGE) surged by 7.65%, Shiba Inu (SHIB) by 4.34%, Floki Inu (FLOKI) by 12.24% and Baby Doge Coin (BABYDOGE) by 49.09%.
The newcomer and Ethereum’s descendant Arbitrum (ARB) spiked 38.57% in a week to trade at $1.64 at press time. With its Saga mobile launch, Solana (SOL) witnessed an increase of over 25% to trade above $25. Likewise, Ripple (XRP) with its ongoing SEC lawsuit hearings displayed a 30-day price gain of 38.66% to trade at $0.5133. Cardano (ADA) also registered a 14% weekly surge.
Web3-exclusive altcoins stole the spotlight with their remarkable price gains. Firstly, Injective (INJ) recorded a weekly surge of 65.38% and a monthly gain of 119.74%. This is because of their prominent integrations with the Solana and Cosmos ecosystem. Secondly, Space ID (ID) outperformed with a 7-day surge of 87.63%.
On the other side, Bitcoin (BTC) dropped 1.37% in the last 24 hours to trade below $30K, approximately $29,919, at press time as per CMC.
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Read more: https://thenewscrypto.com/is-altcoin-season-the-new-indicator-of-the-bull-run-2023/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
