Altcoin season has officially started as top tokens in this category like Ethereum (ETH), BNB Coin (BNB), and Solana (SOL) have made key milestones. Analysts agree that the best meme coins will benefit significantly as the crypto market enters this phase of the cycle.
It all started with Bitcoin (BTC), as it usually does. The top crypto made a new all-time high just days ago after surpassing the $124K mark.
Meanwhile, ETH broke through its long-dated resistance of $4,100 and went on to rise near the $4,800 mark just a few days later while Solana once again surpassed the $200 level.
BNB Coin, the native asset of the BNB Chain has also made a new all-time high and kicked off altcoin season after making a new all-time high of $868 just 4 days ago.
The combined market cap of cryptos has now hit a new milestone at $4 trillion and Bitcoin continues to dominate the scene with a dominance level of 59%. However, Ethereum’s market share has been steadily increasing from around 8% to 13% at the time of writing.
A change in dominance levels like this is typically the first indication that altcoin season is starting. Paired with the fact that top tokens like ETH and BNB Coin are hitting key price milestones, the stars could be lining up to kick off what could be a season of major gains.
Meanwhile, in the meme coin space, a handful of Solana-based newcomers like Pudgy Penguins (PENGU), Bonk (BONK), SPX6900 (SPX) and Fartcoin (FARTCOIN) have booked strong gains this year.
Altcoin Season: Ethereum Could Rise to $8,000 Before the Next Big Correction
As a key barometer of altcoin season, Ethereum’s chart is the one that is worth keeping an eye on at this critical juncture.
The token has surged past a key resistance at $4,100 lately and seems poised to retest that area as the market takes a much-needed breather.
This level should now have turned into support, making it the key area to watch as ETH retraces. A strong bounce off this marker would confirm a bullish outlook for the top altcoin that could push it to $5,000 first and possibly to much higher ground as bullish momentum picks up.
Trading volumes have been quite strong around this level. The fact that bulls are still dominating the price action at a point when volumes are this high indicates that buying pressure is quite strong, which favors a bullish outlook as well.
The Relative Strength Index (RSI) and the MACD show that positive momentum has been slowing down lately as ETH dropped from $4,800 to $4,300. If we expect a full-blown reversion to the mean, we could expect a move to $3,000 over the next 3 to 6 months but not before a significant spike to a range between $5,000 and $8,000 as altcoin season is just getting started.
In this positive environment, the best crypto presales like Bitcoin Hyper (HYPER) stand to deliver the most attractive gains to early investors.
Bitcoin Hyper (HYPER) Presale Breaks $10M Record – Next Altcoin to 10X?
Bitcoin Hyper (HYPER) is already one of the most successful ICOs of the year, having raised $10.4 million in just a few weeks.
This L2 gives BTC holders the chance to stake, earn yield, and lend without leaving the Bitcoin Network. The Hyper Bridge is designed to receive BTC tokens safely in a designated wallet and mint the corresponding amount, with near instant finality, at the Hyper L2.
This protocol will ignite the beginning of a new era for BTCFi and could progressively bring billions to its ecosystem by leveraging the power and efficiency of the Solana blockchain.
As top wallets and exchanges embrace this L2, the demand for $HYPER will skyrocket. Early buyers stand to reap the highest returns.
You can buy $HYPER at its discounted presale price of $0.012755 by visiting the official Bitcoin Hyper website. Simply connect your wallet to swap USDT or ETH for this token or use a bank card to invest.
