ETH/BTC Above 0.06 for Altseason
The new crypto investors assume that they have seen what an alt season is considering the performance of the alt coins that tested some strong resistance levels or re-tested the all time high levels in the top projects. However, the alt seasons do not easily show up as they require a lot of conditions.
The performance of Bitcoin no longer gives " strong " hints over the extent to which the other coins can reach. The primary reason why Bitcoin cannot represent the whole market is the spot Bitcoin ETFs that directly get investment from the investors or fund managers. However, in terms of alt coins, an indirect way of investment does not exist. The only way that one can own a coin is by purchasing from the spot market or carrying a long - future position of it.
The question is: when should we expect an alt season and what are the criteria?
ETH / BTC Breakout of 0.06
It is very often to find a triangle in the daily or weekly charts of almost all cryptocurrencies when we focus on the long term. As the investors are heavily in the hype coins with the expectation of bigger gainz, the charts were formed in a bullish sentiment for the rest of 2024 and 2025.
This is the triangle that represents the fate of other coins in the market. As long as the pressure on Ethereum continues, the only super bullish sentiment stays on Bitcoin and a couple of hype projects.
While the interest rates are still to high and the geopolitical risks are on a rise, it is too hard to motivate a new crypto enthusiast to buy a token with the hopium of 10x. Even if there is no strong buyer of Ethereum as the leading altcoin, the rest of the market cannot expect a snowball effect that grows to blow up a bubble.
Time is everything in investment. The chart of Ethereum clearly shows that it is not the perfect time to boost all the markets with Ethereum and alt rally.
The spot Ethereum ETFs are not guaranteed to be launched. We may see a rejection of the applications, too. When we put all these together, there is still some more time for the historical moments of crypto.
What do you think about the current ETH / BTC ratio?
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Investors are not yet convenient with the alt industry. Adding to that, the bitcoin spot ETF seems to be the best form for big investor to handle crypto. We may have to wait just a little to see innovations that can draw more alt attention. One is alt ETF and ethereum seems closest. Thanks for the update