- Altcoins on perpetual futures are on the verge of dropping to a 50% lower support level.
- Industry proponent’s alt season model foresees the possibility of a ~13.5X surge.
The folks from the crypto town have been longing for an alt season. Which has been distant from sight, over the past quarters. With just 60 days being left for the second half of the year to commence. The concerns around the alt season are now evident in the industry. The trajectory of altcoins has been similar to that of the past year when Bitcoin held lion’s share of the volumes.
Successively, marketers from the business have been analysing and quantifying a myriad of charts and models. For instance, altcoins on perpetual futures are on the verge of dropping to a 50% lower support level. In contrast, an alt season model portrayed by an industry proponent foresees the possibility of a ~13.5X surge.
Is This When An Altcoin Season Could Fall In Place?
The performance of the majority of the altcoins has been relatively bland. With exceptional cases such as of ApeCoin and GMT. While the total market capitalization of the crypto industry at the time of publishing stands at $1.74 Trillion. The market capitalization of all the altcoins put together hovers around $1.06 Trillion. That said, the volume for the past 24-hours is presently at $60.5 Billion.
Bitcoin continues to dominate the industry with its market share of 42.5%, in comparison to that of Ethereum’s 19.62%. With Ethereum’s merger nowhere in sight, the alt season would be out of reach in the month of May. The chart of altcoin’s perpetual futures shows that altcoins are bouncing at an important horizontal support level. Which is getting weaker and weaker, that said, the next support is 50% lower.
According to the model shared by a proponent, the total market cap of the industry except Bitcoin and Ethereum. Is expected to grow by ~13.5 folds by May of 2023, the propulsion translates to ~2150%.
According to the psychological chart shared by a renowned industry analyst. The crypto assets have traversed from disbelief. With halts at hope, optimism, belief, thrill, euphoria, complacency, anxiety, denial, panic, capitulation, anger, and depression. The market’s psychology has now parted ways with disbelief, and the trajectory could repeat history.
Summing up, potential altcoins such as Terra, Avalanche, Polygon, Chainlink, Decentraland, and The Sandbox. Hold the potential to attract institutional investments from giants such as Grayscale, and Ark Invest, amongst others. If materialized these could probably steal Bitcoin’s pie during the alt season. That said, the bull run of altcoins could possibly commence ahead of June.