Altcoin Season Takes Over as Crypto Market Receives $55B Inflow, Confirms Analyst

"Ethereum (ETH) breaks $2k barrier as expert traders predict altcoin season has begun"

This week, Ethereum (ETH) made a significant breakthrough by crossing the $2k mark for the first time in almost a year. Crypto experts believe that this marks the beginning of the altcoin season, giving investors a chance to make significant returns if they proceed with caution. However, analysts warn that the market could experience sudden price jumps, violent crashes, and an unpredictable cycle ending.

In a bull market, liquidity flows from Bitcoin (BTC) to Ethereum and then to altcoins before finally reaching shitcoins before the cycle repeats itself. A German crypto influencer on Twitter argues that the current phase is more like 2019 than a real bull market. As such, investors should expect coins to react more slowly.

According to CoinMarketCap, the global crypto market saw an inflow of over $55 billion in the last 24 hours, putting its market share at nearly $1.3 trillion. This new milestone is largely due to the most popular crypto, Bitcoin, which contributed immensely to the new figure. BTC trades at $30,838, with a 10% increase in the last seven days and a market cap of over half a trillion dollars. The $30k price point represents its highest point this year and since June 2022, when the Terraform Lab’s projects imploded.

ETH trades at $2,118 after gaining over 15% in the past week. Of the top ten cryptos with the largest market cap, Solana (SOL) was the best-performing coin. SOL grew by over 23% in the last seven days while crypto traders bought and sold nearly $1 billion of the token.

While the market is showing positive signs, investors must proceed with caution. Cryptocurrencies are known for their volatility, and the market can change quickly. Therefore, it is essential to conduct thorough research and invest wisely.

In conclusion, the crypto market is showing positive signs, with a significant inflow of over $55 billion in the last 24 hours. Bitcoin is leading the charge with a market cap of over half a trillion dollars, and Ethereum is also making significant gains. However, investors must proceed with caution and conduct thorough research before investing in cryptocurrencies.

Martin Reid

Martin Reid

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