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Is Altcoin Season the New Indicator of the Bull Run 2023?

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  • The market cap of all altcoins attains an 8-month-high above $663 billion.
  • Ethereum price is in the greed zone with a Fear and Greed Index of 73.
  • Injective (INJ) is the altcoin with the highest 30-day gain of over 118%.

Bitcoin (BTC) and Ether (ETH) crossing their crucial resistances — $30K and $2.1K respectively — escalates the likelihood of the next bull run. Parallel to them, other altcoins project their upside potential and bolster the crypto market’s recovery since the onset of this year. 

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Total Market Cap of Altcoins (Source: TradingView)

The collective price action of altcoins, cryptocurrencies other than Bitcoin, was found above the 200-day moving average (200 EMA), as per the above chart, to signify their bullish state. Notably, this is quite a strong trend as the average direction index (ADX) was recorded at 26.12. Significantly, the altcoin market laid this bullish breakout in January. During the US stock market sell-off in March, the market observed a bearish breach alongside the $19K BTC. But it bounced back along with the two largest cryptocurrencies.

Moreover, the altcoins’ market cap surged to hit its 8-month-high above $663.57 billion, as per TradingView. At press time, their total market value was $652 billion. At the time of analysis, the relative strength index (RSI) of all the altcoins combined was on the edge of entering the overbought state — at 69.09 on the scale. 

Bullish Stats of the Altcoin Season 

The dominant altcoin – Ether (ETH) — drove a bullish rally above $2,000 and hit its 11-month-high amid its major Shapella upgrade. Thereby, it recorded a weekly price gain of 12.69%. At the time of writing, ETH traded at $2,095.

The price rallies and social trends of memecoins also dominated this altcoin season. Their new launches, global adoption, and speculations were the triggers. In the last 7 days, Elon Musk’s favorite Dogecoin (DOGE) surged by 7.65%, Shiba Inu (SHIB) by 4.34%, Floki Inu (FLOKI) by 12.24% and Baby Doge Coin (BABYDOGE) by 49.09%.

The newcomer and Ethereum’s descendant Arbitrum (ARB) spiked 38.57% in a week to trade at $1.64 at press time. With its Saga mobile launch, Solana (SOL) witnessed an increase of over 25% to trade above $25. Likewise, Ripple (XRP) with its ongoing SEC lawsuit hearings displayed a 30-day price gain of 38.66% to trade at $0.5133. Cardano (ADA) also registered a 14% weekly surge.

Web3-exclusive altcoins stole the spotlight with their remarkable price gains. Firstly, Injective (INJ) recorded a weekly surge of 65.38% and a monthly gain of 119.74%. This is because of their prominent integrations with the Solana and Cosmos ecosystem. Secondly, Space ID (ID) outperformed with a 7-day surge of 87.63%.

On the other side, Bitcoin (BTC) dropped 1.37% in the last 24 hours to trade below $30K, approximately $29,919, at press time as per CMC.

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