The total market capitalization of crypto markets has hit a new 5-month high. As a result, analysts who have been monitoring the charts and trends are calling for “alteason.
Over the weekend, the crypto asset market has witnessed a tremendous surge with market capitalization n of about $17 billion, which is about a 6% increase since the weekend. With this rise, total market capitalization has grown to $308 billion, which is the highest since mid-February.
2019 saw a largely flat year, as crypto markets were continually redundant with no major surge. However, the market peaked from the beginning of the year, reaching its highest levels by February. However, the market experienced slight lows the following weeks before COVID-19 pulled them back to the previous low levels. But the market has bounced back again.
Ethereum leading the chase
After the total recovery has been established from the low market levels, altcoins seem to be leading the chase in the upsurge. Ethereum is one coin that has impressed over the last few months, as it has stayed in the driving seat and is now leading the charge for present momentum. Its price has already reached $330 today, and there are indications the coin may even increase in value further.
The Ethereum price is the highest since the middle of last year when the prices reached an impressive $360, although it didn’t last for long before falling again. Experts believe that with this current momentum, Ethereum is bound to reach and surpass that level in a short time.
The level is the next critical resistance zone, as Ethereum can move into a new higher high if it moves beyond it.
Momentum is driven by ETH 2.0 announcements
With the current momentum of Ethereum, it’s not difficult to know that the ETH 2.0 announcement is the main reason its momentum is shifting. Since Ethereum announced that the public testnet for ETH 2.0 will go live next week, the coin has increased its momentum to a great extent.
Calls for altseason intensify
The dwindling dominance of Bitcoin has coincided with good performance from altcoins, given rise to calls for altseason. BTC has dropped considerably to 60%, as it falls to its lowest level since February. But it is gradually picking up again. It’s dominance, however, has changed inversely since mid-February, just as altcoins have impressed since the same period.
Markets are heating to a critical point where there could be a more extended consolidation period if the altcoins fail to go further than this year’s previous high. But, according to experts, if the market capitalization eventually crosses the level, it only means that an altseason may have just begun.
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