As you may have noticed, many altcoins have experienced unprecedented increases since the start of the year. It's been a crazy year and the market capitalization has well exceeded $2 billion!
The most relevant fact for traders and which is talking about the altSeason (altcoin season) is that we have just entered a positive period without even this being mainly due to bitcoin. This is often where this results in an increase in altcoins (cryptocurrencies other than bitcoin).
Indeed, the dominance of bitcoin is at its lowest and some cryptos have seen unprecedented rises.
All this roughly tells us that we are on track that the new altcoin season has well and truly begun.
We will see here why we can say that the new altcoin season is appearing.
The first time that bitcoin dominance is at its lowest in 1 year
This is a very good indicator which reveals to us that bitcoin is reducing its dominance in the market, thereby showing the ever-increasing interest in altcoins across the entire market.
This perfectly illustrates the market psychology which shows that more and more interest is shifting towards altcoins. Even if bitcoin remains bitcoin, we still see that the market is starting to take an interest in other equally promising cryptocurrencies,Ethereum on your mind.
This decrease also allowed many other altcoins to increase their BTC values, inexorably. This is the case for small, mid and even large cap cryptos. This is even what makes some experts say that the altcoin season is only just getting started.
Yes, according to experts, some say that it is the beginning, the middle and some say that it is even the end of the altcoin season as the start of the year marked the rise of many cryptos.
That said, we can also think that this is a new starting point for a new, more marked altcoin season and in particular by a very probable rise in Ether.
And not only! If a new alternative season were to be seen, some analyzes believe that cryptos which have already experienced a significant increase will continue their increases; among these, we can think of Chainlink (LINK), ADA from Cardano and most certainly Polkadot, to name only the latter.
Moreover, we can also cite tokens which surprised us with their increase such as BitTorrent which increased more than 2000% in a few weeks! Likewise, this revealed very interesting projects like THETA, Filecoin or even Solarium.
New momentum created by the craze for NFTs
Frankly, the madness of NFTs with these record sales of digital works clearly participated in increasing the overall market capitalization. New people became interested in cryptocurrencies through the discovery of NFTs.
It was no longer just the media covering blockchain that made the headlines but the traditional media. We know that often, when mainstream media discusses bitcoin, this allows prices to soar.
It is therefore most certainly still the start of the altcoin season and we will see an increase in many cryptocurrencies.
Likewise, the famous FOMO returns with the fear of missing the boat, which means that we are certainly going to have a great season this year 😉
So it might be a good time to trade with trading bots or not, but you still need to know the risks!
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