Two months ago when Bitcoin began to rise, the crypto market generally took off, hitting a new all-time high in terms of overall market capitalization.
After Bitcoin reached above $ 30,000, data from Longhash revealed that within a week, 92% of altcoins outperformed Bitcoin.
This phenomenon constituted what is known as the beginning of the “Alt Season” as many experts and analysts of the cryptocurrency market expected that alternative digital currencies such as Ethereum and ADA could continue to rise and dominate.
After gaining a lot of interest in the cryptocurrency market, the market value of Bitcoin rose to $ 1 trillion, so Bitcoin quickly outperformed the alternative digital currencies, and turned the table on them again.
The analyst with the pseudonym “Filbfilb” on Twitter (who is the co-founder of “Decentrader”) told me that the second altcoin season has arrived.
This analyst posted a tweet on March 29th, carrying a set of charts showing indications of the start of the alternative digital currency season.
As we saw earlier in January, the current altcoin season kicks off amid another massive bitcoin price correction.
Over the past two weeks, Bitcoin shed nearly $ 10,000 after it broke the record with more than $ 61,000.
Additionally, Bitcoin’s dominance has decreased and is currently 59% at the time of writing.
At the same time, the total market capitalization of altcoins rose to nearly 750 billion.
At the start of 2021, when Ethereum was up 22% against Bitcoin, many said that Ethereum, has the potential to compete with Bitcoin.
A similar narrative has now emerged alongside the rise of altcoins.
Yesterday, in Bitcoin Al Arab, we published the decision of the “Visa” company to use the stable digital currency USDC over the Ethereum network for financial settlements.
Developments like these could spur an already growing interest in Ethereum.
The same can be said for ADA after it recently exploded and ranked third as the largest cryptocurrency in terms of total market capitalization, but its position was soon replaced by BNB which increased in value by 2131% over the year cementing its position as another bullish alternative.
At the same time, cryptocurrency traders are still optimistic about alternative digital currencies, especially Ethereum, as analyst Scott Melker said:
Alternative digital currencies look great.
In the past, many analysts, including David Grider of Fundstrat, predicted that Ethereum might be on its way to $ 10,500.