ETH Breaks BTC with 8% Gain Altcoin Season?

Ethereum Altcoin Season Performance (ETH) has outperformed Bitcoin regarding 24-hour gains by a respectable 8%, bringing its price to $3,383.97. This gain occurred after Bitcoin’s stunning run, setting a new all-time high of $98,384. While ETH is moving upward, discussions over “Altcoin Season” are increasing as other cryptos also exhibit growth.

Ethereum’s market cap currently amounts to $407.61 billion, a 7.73% rise, while its 24-hour volume increased by 46.45% to $51.51 billion. The price increase in the past few days has attracted the attention of many investors, mainly because the crypto market is, in no small measure, a consequence of US President-elect Donald Trump’s crypto-friendly stance.

Altcoin Season Delayed

Albeit the strong rally in altcoins, the awaited Altcoin Season has not yet become a reality. A recent report from QCP suggests that investors are still hesitant to fully adopt altcoins, as Bitcoin is about to break the $100,000 milestone. Traditionally, it has been noted that altcoins often outperformed when Bitcoin paused after a significant rise,  and profits usually switched to smaller-cap coins.

The lead Bitcoin is holding is at around 60% right now. The analysts think the altcoin rally may get going if this percentage decreases to less than 58%. The Altcoin Season Index is a good gauge of market trends and is presently at level 33 which shows there is still a way to go for altcoins to rise.

Thus, Bitcoin continues to be the leading choice of investors, but altcoins have quietly been improving, and they may be the ones who will break out. Should Ethereum’s recent performance be the leader of the charge of a more general altcoin rally? Is Altcoin Season near?

Final Thoughts

Ethereum (ETH) has gotten 8% higher to $3,383.97, while Bitcoin (BTC) has risen to an all-time high of $98,384. The market cap of Ethereum climbed by 7.73% to $407.61 billion, with a 24-hour trading volume growth of 46.45%. This increase has rekindled discussions around a“Crypto Season,” some of which can be attributed to U.S. President-elect Donald Trump’s crypto-friendly policies.

Though there is an altcoin rally, the real Altcoin Season is still out of sight. Nevertheless, Bitcoin is still dominant, as its market share is 60%, and analysts predict that the actual rise will come if its share declines to less than 58%. The Altcoin Season Index, now at 33, indicates space for more altcoin to grow. Ethereum may be the main asset of the group but meanwhile, Bitcoin remains the magnet for investor attention.

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