U.Today - Macro economist, trader and seasoned analyst of cryptocurrencies Henrik Zeberg is sure that despite the double-digit price drops some major cryptos registered in the last seven days, the "altcoin season" is not cancelled.
We are close to altcoin season, Henrik Zeberg says
As per a statement Zeberg shared with his 108,500 followers on Twitter, bears should not be too enthusiastic in their "desperation." A big market crash is not on the menu right now. Instead, we need to brace ourselves for an "altcoin season.""Momentum analysis" is the best indicator for the "" coming, Zeberg opines. As such, before the severe market recession he expects to rage in the midterm, a true altcoin season might come.
In the last seven days, 8 out of 10 largest alternative cryptocurrencies by market capitalization witnessed double-digit losses. Binance Coin (BNB) is the strongest performer as its cap only dropped by 1.5%.
Cardano (ADA) and Polygon (MATIC) suffered the most: they lost 14.1% and 13.8%, respectively.
Bitcoin (BTC) dominance jumped to multi-month highs in April
As covered by U.Today previously, some of the biggest altcoin seasons in the past were preceded by meme coins rallying. During the past weeks, some shady meme cryptos, including Pepe (PEPE) and ArbDoge AI (AIDOGE), printed enormous gains.Some of these cryptos have too many red flags: their supply is controlled by whales, and the owners of the contract can voluntarily blacklist holders.
Zeberg is very far from being the only speaker to predict an "altcoin season." Veteran crypto entrepreneur and investor Arthur Hayes, co-founder of BitMEX, declared an "altszn" on April 14, 2023.
At the same time, Bitcoin (BTC), the largest cryptocurrency, outperforms some major altcoins in the long run. In mid-April, its dominance almost touched 50%, which is the highest level since Q2, 2021.