The emergence of the altcoin market is always highly anticipated in the cryptocurrency industry due to its higher returns than Bitcoin. However, the Ethereum (ETH) market is also classified as a large-cap digital asset, thus classifying the rest into one group. Popularly referred to as the TOTAL3, the market cap of the altcoin industry excluding Bitcoin and Ethereum has been closely studied to determine the start of the alt season.
According to veteran digital asset analyst Crypto Tony, who has more than 318,000 followers on Twitter, the TOTAL3 has finally flipped a crucial resistance level of around $330 billion. After confirming that the outbreak is not an anomaly, but an actual eruption, Crypto Tony is the alternate season that will occur in August. The analysts to expect the altcoin market cap to revisit this year’s ATH depending on the size of FOMO traders.
Also Read: Ethereum Misses Buying Pressure As It Drops Below $1,900 – Here’s What ETH Price Could Hold
There is undeniably less new cash flow in the crypto market with rising interest rates and inflation fears all over the world. Because Bitcoin is the parent currency, it has attracted more investors than most altcoins during the bear market. As a result, the altcoin market could be forced to wait for the Bitcoin bear to fully get in. In addition, Bitcoin YTD dominance has increased despite short-term corrections.
Experts believe that altcoin season during the bear market will come out in full once the year-end Bitcoin correction takes place.