Is the Altseason Finally Here ?
Following an impressive surge in Bitcoin last week, profits are now flowing towards riskier assets, hinting at a prosperous period for altcoins. Traders are convinced that the altseason is either already here or on the brink of exploding.
The latest analysis from Santiment shows a significant increase in price activity and volume on social networks across the crypto market over the past week. Bitcoin leads with a 23.21% rise in social volume, followed by Ethereum, XRP, and memecoins like TRUMP and PEPE attracting noticeable attention.
“Besides memecoins in particular, we have seen keywords like ‘altcoin,’ ‘altcoins,’ or ‘altseason’ gaining popularity and sparking increasing interest on social media,” they write in their report.
In terms of prices, several altcoins have stood out with impressive gains of over 150% for tokens like TRON tied to Trump-themed coins. Sui, UGold, and PEPE were also among the biggest winners. The total market capitalization has surged by over 10% to reach $3.81 trillion, while trading volume has jumped by 21.38%, reflecting a growing momentum in the market.
Investors Flock to Altcoins
Social volume for altcoins has also been steadily rising, reaching a peak around April 23-26. The share of altcoins in total discussions increased after April 17, showing that market participants are turning towards riskier yet potentially more profitable assets.
While the rise in Bitcoin prices sets the stage for an altcoin rally, it is important to note a slight decrease in volume and dominance, which could signal short-term caution. There has also been a notable increase in discussions around memecoins like DOGE.
According to analyst Ash Crypto, it would be wise to hold onto altcoins rather than sell at a loss. He believes these assets could generate returns of 5x to 20x in the next 12 months, despite the challenges of the 2022 bear market and potential future crashes. With quantitative easing, he anticipates billions of new cryptocurrency investments flowing in by 2025.
With these positive signals, it is crucial to closely monitor the altcoin developments as the season seems to be kicking off. Santiment’s data and expert insights can assist investors in navigating this ever-evolving crypto landscape.
