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- The total market capitalization of altcoins reaches an 8-month peak exceeding $663 billion.
- The price of Ethereum is situated in the greed zone, reflected by a Fear and Greed Index reading of 73.
- Injective (INJ) leads altcoins with the highest 30-day increase of over 118%.
The crossing of significant resistance levels by Bitcoin (BTC) and Ether (ETH) — at $30K and $2.1K respectively — enhances the probability of an upcoming bull market. In tandem, other altcoins exhibit their potential for growth and support the recovery of the crypto market since the beginning of this year.
Total Market Cap of Altcoins (Source: TradingView)
The overall price movement of altcoins, which are cryptocurrencies excluding Bitcoin, was observed above the 200-day moving average (200 EMA), as illustrated in the chart, indicating a bullish trend. This trend is notably strong, with the average directional index (ADX) recorded at 26.12. Importantly, the altcoin market initiated this bullish breakout in January. Following a bearish breach during the US stock market sell-off in March, alongside Bitcoin’s drop to $19K, the market rebounded along with the two leading cryptocurrencies.
Furthermore, the market capitalization of altcoins surged to reach its 8-month-high above $663.57 billion, according to TradingView. At the time of reporting, their total market value stood at $652 billion. During the analysis, the relative strength index (RSI) for all altcoins combined was nearing the overbought threshold, recorded at 69.09 on the scale.
Bullish Stats of the Altcoin Season
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The leading altcoin, Ether (ETH), propelled a bullish surge above $2,000, achieving its highest level in 11 months following its significant Shapella upgrade. Consequently, it noted a weekly price increase of 12.69%. At the time of writing, ETH was trading at $2,095.
The price surges and social dynamics surrounding memecoins also characterized this altcoin season. Their recent launches, global acceptance, and speculation served as catalysts. Over the past week, Elon Musk’s favored Dogecoin (DOGE) rose 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 offshoot, Arbitrum (ARB), experienced a 38.57% increase over the week, trading at $1.64 at the time of reporting. With the launch of its Saga mobile platform, Solana (SOL) saw a rise of over 25%, trading above $25. Similarly, Ripple (XRP), amid ongoing SEC lawsuit hearings, recorded a 30-day price increase of 38.66%, trading at $0.5133. Cardano (ADA) also noted a 14% weekly increase.
Web3-focused altcoins gained attention with their significant price increases. Firstly, Injective (INJ) achieved a weekly rise of 65.38% and a monthly increase of 119.74%, attributed to its notable integrations with the Solana and Cosmos ecosystems. Secondly, Space ID (ID) excelled with a 7-day increase of 87.63%.
Conversely, Bitcoin (BTC) fell by 1.37% in the last 24 hours, trading below $30K at approximately $29,919, according to CMC.
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