According to a well-known crypto analyst, the price movement of small-cap coins indicates that the altcoin season might already be in full swing.
The host of the YouTube channel InvestAnswers informs his 441,000 followers in a new video that, despite small-cap cryptocurrencies still trading 5% below their value on December 12, the trend suggests the possibility of a significant rally.
This chart from Blockchaincenter.net indicates that the altcoin season is almost here. You have to be under 25 to participate in the Bitcoin season. You have to be 75 to be in altcoins, but the idea is that they’re rising. This chart looks at 90 days; however, it contradicts the altcoin season. You could argue it might be altcoin season if you look over the past month.
According to the expert, wallets storing Ethereum (ETH), the most popular altcoin, are making money.
“The Ethereum addresses in profit are currently at 52% [with the climb in the price of Ethereum breaching $1,300], which is good news for many,” according to the statement.
At the time of writing, the price of ETH is $1,402.
Additionally, the analyst claims that data from the cryptocurrency research company Santiment shows rising optimism for cryptocurrencies.
“The ascent of the altcoins has brought about a joyful new year for cryptocurrencies, and whether prices continue to surge depends on traders’ ability to put up with their FOMO [fear of missing out]; as you saw with Bitcoin, there was some profit-taking.” Who knows, it’ll be alt season again. We’ll see where it goes, but a lot of people are right now very, very thrilled on Twitter, and we also saw some insane, crazy activity for several very, very famous names.
