The Likelihood of Another Altcoin Season in Doubt

Crypto analyst Ali Martinez has proposed that a new altcoin season may not happen. He bases this thought on the excessive increase in the number of altcoins since the last bull season. Martinez points out that there are currently 36.4 million altcoins in circulation, compared to only 3,000 during the 2017-2018 bull market and fewer than 500 during the 2013-2014 bull period. According to the analyst, capital is now spread across many cryptocurrencies, and considering the current market value levels, the potential for further growth in these assets is quite limited.

Bear Market Expectations in Altcoin Season and Critical Level for Bitcoin

Martinez, while acknowledging that his views might be controversial, claimed that, according to his analysis, a bear market could begin within the next 90 days. The analyst, who previously predicted a significant rally for Dogecoin, drew attention with his statements. However, he continues to argue that Dogecoin could still experience a rally within the next 90 days.

Martinez also provided a critical assessment for Bitcoin, stating that the $97,877 level represents a strong support for BTC, and that 101,000 BTC were previously accumulated by whales at this level. This indicates that BTC faces a significant resistance point at this level.

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The post Comments from an Experienced Analyst! “We Might Not See Another Altcoin Season” appeared first on Coin Engineer.

Ethereum Analysis

Ethereum, which is called the leading altcoin, has increased by more than 2 percent in the last 24 hours after the rise of Bitcoin and is currently trading at $ 2600. Let’s examine the critical levels in Ethereum on a chart.

While the critical levels in Ethereum are important for the rise to continue and be permanent, the upper resistance band of $ 2820 is important, the support zone is $ 2540.

BNB Analysis

Binance Coin (BNB) was also positively affected by the rise of Bitcoin and is trading at $ 605, rising by 1 percent.

The critical levels in BNB are $ 590 as the support zone, while there is resistance at $ 610.

XRP Analysis

XRP, which has made significant gains in its ongoing lawsuit with the SEC, maintains its price stability. It has increased by nearly 1 percent in the last 24 hours and is traded at $ 0.52.

The support and resistance levels in XRP are at $ 0.51 while the resistance zone is at $ 0.527.

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What Does Bitcoin Dominance Tell Us About the Rise of Altcoins?

Bitcoin dominance is an important indicator in telling us about the interest in Bitcoin in the cryptocurrency sector. However, the current level of dominance is 59.7 percent, which means that almost 60 percent of the cryptocurrency market value is in Bitcoin.

BTC.D is still rising and there is still suitable ground for the rise, the 60 region is currently the resistance zone of our long-term rising trend and if this is broken, critical scenarios for the alts will begin, there will be a reaction from here, if we see another correction, we may start to see recoveries in the alts.

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The post What is the Latest Situation in Altcoins? October 29, 2024 appeared first on Coin Engineer.