Vladislav Sopov
Despite the ongoing decline in crypto prices, the segment should be poised for altcoin season
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Contents
- We are on the verge of altcoin season, says Henrik Zeberg
- Bitcoin (BTC) dominance surged to a multi-month high in April
Macroeconomist, trader, and veteran cryptocurrency analyst Henrik Zeberg is confident that despite the double-digit price declines of some major cryptos recorded over the past seven days, “altcoin season” will not be cancelled.
We are on the verge of altcoin season, says Henrik Zeberg
Bears shouldn’t get too excited in their “desperation,” according to a statement Zeberg shared with his 108,500 followers on Twitter. A major market crash is not on the menu right now. Instead, we need to brace ourselves for an “altcoin season.”
“Momentum analysis” is the best indicator of the upcoming “altcoin season,” Zeberg believes. Therefore, real altcoin season could come ahead of the severe market recession that he expects to rage in the medium term.
Over the past seven days, 8 of the 10 largest alternative cryptocurrencies by market cap have seen double-digit losses. Binance Coin (BNB) is the strongest performer as its cap is down just 1.5%.
Cardano (ADA) and Polygon (MATIC) suffered the most, losing 14.1% and 13.8%, respectively.
Bitcoin (BTC) dominance surged to a multi-month high in April
As previously reported by U.Today, some of the biggest altcoin seasons in the past have been preceded by a meme coin rally. Over the past few weeks, some shady meme cryptos including Pepe (PEPE) and ArbDoge AI (AIDOGE) have reaped huge gains.
Some of these cryptos have too many red flags: their supply is controlled by whales, and contract owners can voluntarily blacklist holders.
Zeberg is far from the only speaker predicting an “altcoin season.” Veteran crypto entrepreneur and investor Arthur Hayes, co-founder of BitMEX, declared an “altszn” on April 14, 2023.
At the same time, Bitcoin (BTC), the largest cryptocurrency, is outperforming some major altcoins over the long term. In mid-April, its dominance reached nearly 50%, marking its highest level since the second quarter of 2021.
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