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By Brian Njuguna - March 6, 2024
As the crypto market continues to be in the green, with the market capitalization edging closer to the $2.6 trillion mark, altcoins are not being left behind as they are making significant strides.
Taking on X, formerly Twitter, leading market analyst Michael van de Poppe highlighted this trend and stated, “Altcoins are ready to accelerate after this run of Bitcoin. Bitcoin has shown a gigantic return, which means that altcoins are likely going to outperform Bitcoin by a mile.”
Therefore, based on this analysis, altcoins are eyeing a substantial rally, with top coins like Ethereum (ETH), Solana (SOL), Cardano (ADA), Polkadot (DOT), and Shiba Inu (SHIB) leading the pack.
For instance, Ethereum is edging closer to the psychological price of $4,000, given that the top altcoin was up by 61.1% in the past month to hit $3,852 at press time, according to CoinGecko.
Given that altcoins are a force to be reckoned with in the crypto ecosystem, questions are being raised about whether an alt season is now on the horizon on the foundation of the bullish momentum being witnessed.
Van de Poppe noted, “Altcoin market capitalization is slowly moving upwards. The upside could be captured on Bitcoin, meaning a rotation towards altcoins. Therefore, Ethereum to $4,500-5,000 is likely, while altcoins will accelerate with 2-4x returns.”
Based on this analysis, Ethereum will be instrumental in triggering an alt season, with the second-largest cryptocurrency continuously experiencing an uptrend.
With the crypto market appearing to have entered the hope phase, the altcoin market is painting a bright picture.
Furthermore, altcoin bulls are showing their unrelenting quest to continue scaling heights.
DISCLAIMER
The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
The original article written by Brian Njuguna and posted on ZyCrypto.com.
Article reposted on Markethive by Jeffrey Sloe
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