Citing BitMedia, crypto analyst Benjamin Cowen discussed the potential onset of an altcoin season in an interview with YouTuber Kyle Chasse. Cowen highlighted three key factors necessary for this development, drawing parallels to similar events in 2017 and 2021. Firstly, Ethereum must reach and maintain a new all-time high above $5000 for a sustained period. This would enable the second-largest cryptocurrency by market cap to trigger a robust altcoin rally. However, Cowen noted that such a rally is unlikely in the coming month due to Bitcoin's historical dominance increase in October. A bullish trend for altcoins could emerge once Bitcoin's dominance decreases. Additionally, clear signs of capital rotation from Bitcoin to riskier altcoins, marked by increased trading volumes and liquidity, are essential. Cowen concluded that while conditions for an altcoin season are gradually forming, significant growth is not expected until November.
Benjamin Cowen Identifies Three Signs of Upcoming Altcoin Season
KuCoin NewsShare
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.