The rise of the altcoin market is always highly anticipated in the cryptocurrency industry due to the higher returns than Bitcoin. However, the Ethereum (ETH) market has also been classified as a large-cap digital asset, thus the classification of the rest in one group. Popularly called the TOTAL3, the market capitalization of the altcoin industry excluding Bitcoin and Ethereum, has closely been studied to determine the onset of alt season.
According to a veteran digital assets analyst Crypto Tony with more than 318k followers on Twitter, the TOTAL3 has finally flipped a crucial resistance level of around $330 billion. Having confirmed that the breakout is not a deviation, but a true outburst, Crypto Tony is the alt season to materialize in August. The analysts expect the altcoin market cap to revisit this year’s ATH depending on the extent of FOMO traders.
Also Read: Ethereum Lacks Buying Pressure as It Dips Below $1,900 – Here’s What Could Hold ETH Price
Undeniably, there is less new cash flow into the crypto market with rising interest rates and inflation fears around the world. With Bitcoin being the mother coin, it has attracted more investors during the bear market than most altcoins. As a result, the altcoin market could be forced to wait until Bitcoin bears completely step in. Moreover, Bitcoin dominance has been rising YTD, despite short-term corrections.
Experts believe the altcoin season during the bear market will materialize fully once the Bitcoin correction takes place before the end of the year.