Traders hope for ‘crazy pump’ as altcoin approaches key resistance level
Analysts are again speculating about the possibility of an alt season starting after the recent surge in market caps across altcoins, including Ether (ETH), which is currently approaching key resistance levels.
Cryptocurrency traders and analysts have been keeping an eye on altcoins since Ether rose 27% over the past seven days.
According to TradingView, the overall market capitalization of altcoins is currently around $1.16 trillion. It has increased 15% in the past two weeks and is approaching resistance levels, having surpassed $1.2 trillion since mid-March.
On May 26, ‘Trader Tardigrade’ told his 50,000 followers on
“Based on this pattern, a breakout is expected within a few weeks,” he added.
On May 26, trader and analyst Rekt Capital predicted that altcoin market capitalization would hit its highest weekly closing price since early April 2024.
Meanwhile, technical analyst Yoddha wrote in a May 26 post on
“Altseason is just around the corner,” said analyst ‘Moustache’, sharing a similar chart with his 120,000 followers on X.
Analysts have also observed that in previous cycles, the price of Bitcoin moves first, followed by Ether, and altcoin markets, as capital tends to flow down the chain and into low-value coins.
Bitcoin market dominance has decreased by 3.7% over the past fortnight to 53.9%, another sign of a strengthening altcoin market.
Related: Bitcoin dominance risks breaking its 18-month upward trend with the launch of the Ether ETF.
MN Trading founder Michaël van de Poppe observed in a May 25 post on
He predicted that total market capitalization will reach $15 trillion this cycle, a 450% increase from the current $2.7 trillion level.
Over the past three months, total cryptocurrency capital has ranged between $2.9 trillion in mid-March and an adjusted low of $2.3 trillion on May 1, according to CoinGecko.
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