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On January 10, 2024, spot Bitcoin ETFs began trading, and on July 23, 2023, Ethereum ETFs were launched, clearing another major question mark. Scenarios suggesting this process could trigger an altcoin surge are being discussed in the market. If this situation occurs, altcoin investors could enter a highly profitable period. However, a hurdle remains, as Bitcoin is still far from its ATH.
Is an Altcoin Season Starting?
While discussions continue on when a new rise period for altcoins will begin, this situation is significantly linked to the start of spot Ethereum ETFs trading and the subsequent process. Investors are now monitoring the process, expecting a period where altcoins will end Bitcoin’s dominance, triggered by ETH.
Spot ETH ETFs began trading with over $10 billion in assets under management, including the $9.2 billion fund from Grayscale Ethereum Trust (ETHE).
It is expected that demand for Ethereum ETFs will significantly increase, potentially pushing Ethereum’s price above $3,500. Generally, looking at the movements in the altcoin market, Ethereum is seen as a significant trigger. In scenarios where Bitcoin is overlooked, Ethereum’s importance in altcoin rises is noteworthy.
Looking at the TOTAL2 indicator, which excludes BTC, the value is seen at $1.04 trillion, with volume remaining within a flag formation. This formation generally indicates a consolidation period.
According to calculations of potential rises following the formation, a possible breakout could bring a 44% increase, reflected in the charts. With the breakout, TOTAL2 could rise to $1.56 trillion, meaning a $510 billion increase. At first glance, this seems unlikely, but it supports optimistic views for the altcoin market.
Market’s Future
Looking at the altcoin season index, current market conditions provide some insights into an active Bitcoin period. While considering where BTC dominance might evolve, overcoming Bitcoin inflows will be necessary for a rally in altcoins.
Considering macro-financial conditions, a market shift may take time due to global uncertainty. For an altcoin season, the market expects a possible start by the end of August.
