Key Points
As the value of Bitcoin (BTC) has recently hit new peaks, Ethereum (ETH) has followed a similar trajectory. On February 19, ETH achieved a price of $2,980, a level not seen since April 2022.
This price hike has led to speculation about an upcoming ETH bull run. It has also sparked conversations about the potential onset of other altcoins.
Expert Opinions on the Altcoin Season
Despite the optimism, some experts call for caution. They suggest that the altcoin season may not commence as quickly as predicted. Apollo Capital’s Chief Investment Officer, Henrik Andersson, commented on this, stating that several strong catalysts are forthcoming that could trigger an altcoin rally.
The increase in ETH’s price is primarily attributed to the Dencun upgrade and the mainnet launches for scaling solution Blast and restaking platform EigenLayer. Andersson further noted that Ethereum has been lagging behind BTC over the past year. He believes it is due for a catch-up, particularly due to supply sinks and its deflationary nature since the move to PoS.
Economist and trader Mikybull Crypto pointed out that March usually brings bullish trends for ETH. He suggested the possibility of ETH reaching $3,000 and emphasized that the upcoming altcoin season could be substantial.
However, Markus Thielen, the head of 10x Research, disagreed. He argued that despite speculation about an altcoin season, there’s a lack of substantial evidence. He noted that Bitcoin’s enduring dominance stands at 51%. He clarified that for a strong altcoin season to kick off, Bitcoin’s dominance needs to drop below 45% consistently.
The recent price surge of Bitcoin has sparked speculation in the crypto market. To provide a clearer picture, Santiment reported on February 20 that most crypto projects have been profitable since October. However, some lagging altcoins caution against overbought signals.
