Key Points
Anticipation for Altcoin Season
The overall market sentiment is bullish towards cryptocurrencies. However, crypto analyst Dan Gambardello has stated that Ethereum and Cardano have not yet made significant strides to signal the beginning of the much-anticipated altcoin season. He shared this insight during a YouTube session with his subscribers on February 19.
Bitcoin’s dominance is still high, according to Gambardello. This suggests that the impressive performances of numerous altcoins might only be a taste of what’s to come when the altcoin season fully arrives.
For those new to the market, the term ‘altcoin season’ refers to a phase in a market boom cycle when alternative cryptocurrencies outperform Bitcoin. Historical data indicates that this boom typically starts with capital first flowing into Ethereum.
During the last bull cycle, Ethereum led the rally, closely followed by Cardano’s breakout. This pattern may repeat itself this time around. However, Bitcoin’s dominance has not yet made way for Ethereum.
Market Sentiment and Predictions
CoinStats’ data analyzed by AMBCrypto shows that Bitcoin’s dominance has risen to 49.4%, despite briefly falling below 49%. This dip below 50% could potentially provide an opportunity for Ethereum and Cardano to take the lead in the market.
However, this alone may not be enough to trigger an altcoin season. Therefore, the market sentiment surrounding these cryptocurrencies has been examined. According to data from Santiment, Cardano’s Weighted Sentiment was 0.918, and Ethereum also had a positive Weighted Sentiment of 0.918. This metric reflects the average market participant’s perception of a project.
These readings imply that the majority of traders are bullish on the Ethereum and Cardano ecosystems. If this sentiment persists, buying pressure may increase for these cryptocurrencies.
If this happens, Cardano’s price could rise to $1, while Ethereum’s price could potentially exceed $3,000.
On-chain data shows that Cardano’s volume has increased to $685.07 million, indicating a growing interest in this cryptocurrency. This increased interest has led to a surge in buying and selling. Ethereum’s volume has followed a similar pattern.
At the time of writing, Ethereum’s volume was $15.62 billion. If connected with the price, the volume could push for an upside. If Cardano’s volume continues to increase alongside its price, it could break through the overhead resistance.
Furthermore, if interest in Ethereum remains high, it could climb to $3,500. If Cardano reaches $0.90 and Ethereum hits $3,500, other altcoin prices may also rise.
