Altcoins
Why are the real Altcoin season still months away?
The cryptocurrency industry has calmed down ahead of the storms expected in the coming weeks. The price of Bitcoin (BTC) briefly rose above $63,000 in recent days, but has since stabilized around $62,000 on Wednesday.
The altcoin sector is expected to experience increased volatility due to high-impact Consumer Price Index (CPI) news coming out later today from the U.S. Bureau of Labor Statistics.
However, the expected bombshell is the upcoming final review by the US Securities and Exchange Commission (SEC) of Ethereum ETF applications.
Furthermore, most altcoins have a similar operating model to Ethereum.
When can traders expect Altcoin season?
With the total cryptocurrency market capitalization establishing a solid support level of around $2.4 trillion, most altcoins have formed a reversal pattern in preparation for a new bullish wave.
The ongoing short squeeze in GameStop Corp (GME) shares, which triggered a new meme coin frenzy, has raised hopes for an overall altcoin rebound.
However, popular cryptocurrency analyst The Wolf Of All Streets argued that the real action is months away. The crypto analyst pointed out that the Bitcoin pump has dominated the cryptocurrency sector for the past year, despite its market dominance approaching the top of the cycle in preparation for the inevitable reversal.
“Bitcoin has dominated this cycle, outside of small pumps in select sectors. Memes have gone crazy, but it’s typically a temporary coin-to-coin spin, so few people benefit from it. The real action usually starts 4-6 months AFTER the halving, although history may not repeat itself,” the crypto analyst said noticed.