Altcoin Season Looms as Market Cap Nears $4 Trillion

Crypto analyst InvestingScope has highlighted a significant market development that suggests an impending altcoin season. The analyst pointed out that altcoins have recently experienced a 1-day Golden Cross, the first since just after the US elections. This event is notable because the rally that followed the previous Golden Cross led to new highs for these altcoins, indicating that another altcoin season may be approaching.

InvestingScope also predicted that the total crypto market could reach at least $4.03 trillion during this rally. The analyst noted that since the Bear Cycle bottom, this is the fourth 1-day Golden Cross, and the minimum market surge around such a formation has been just over 73%. Given the current market cap of $3.39 trillion, this suggests that the market could reach the $4 trillion target during the upcoming altcoin season rally.

Altcoins have shown strong performance following the recent Bitcoin run close to its all-time high. The Ethereum price hit $2,900, nearing the psychological $3,000 level, while the Solana price reached $170, its highest level in the last 90 days. This performance by major altcoins has further fueled optimism that an altcoin season may be imminent.

Market expert Paul Barron indicated that an ETH/BTC breakout is imminent, which could usher in the altcoin season. Barron declared that the altcoin season is preparing for significant gains and that the ETH/BTC breakout is "committed." He added that with market sentiment up 2.8%, Ethereum is poised to lead the way.

Crypto analyst Mikybull Crypto also made a case for Ethereum to lead the altcoin season. From a technical perspective, Mikybull stated that Ethereum is looking solid at its current levels. The analyst claimed that $2,800 is the next resistance to clear out before a rally to a new high of $3,900. He added that Ethereum usually performs well near the peak of the cycle.

Overall, the market cap excluding Bitcoin stands at $1.2 trillion on the 1-day chart, further supporting the notion that an altcoin season may be on the horizon. The recent performance of major altcoins and the technical indicators suggest that the crypto market is poised for significant gains, with Ethereum likely leading the way.