Altcoin Season Is Here? Experts Weigh In As Ethereum (ETH) Price Holds Above $4K

Key Insights:

• Ethereum and Bitcoin dominance charts show that the former has grown over 30% in the last month.
• Joseph Lubin discussed the role of Ethereum in the future of crypto.
• Experts have opined that for the real altseason to begin, other top coins, including ADA, DOGE, XRP, BNB, SOL, would have to display significant upside.

Ethereum (ETH) has become the talk of the crypto town as it rallied and stayed above the $4K level.

As a result, discussion around the altcoin season’s arrival escalated immediately, and multiple viewpoints are being discussed and argued over.

Ethereum (ETH) Vs. Bitcoin (BTC)

Firstly, looking at both Ethereum and Bitcoin dominance charts, it becomes clear that the former has grown over 30% in the last month. Whereas BTC.D has gone down by almost 6.5% in that period.

Joseph Lubin, Ethereum Co-founder and Sharplink Gaming Chairman, recently discussed the role of Ethereum in the future of crypto.

Speaking to CNBC on the occasion of Ethereum turning ten, he said, “…we like the metaphor of digital oil” to Bitcoin’s digital gold.

Talking about Ethereum being broadly capable, he hinted at the possibility that “Ether will eclipse the monetary base-size of Bitcoin,” within a year.

Furthermore, Shiba Inu’s Marketing lead, Lucie also chimed in on this topic as Ethereum shot up, sating,

“Ethereum is leading the charge — the momentum is undeniable.“

She also shared a chart depicting phases that would lead up to the altcoin season.

Will Ethereum Actually Herald The Altcoin Season Now?

Many experts believe that this is a definitive sign that the altcoin season is almost here. As per a research report by 10x research,

“Our tactical altcoin model has now favored altcoins over Bitcoin for 31 consecutive days…the current breakout across several major altcoins suggests this move could prove more durable.”

Overall, the investor sentiment for Ethereum has been positive for some time now. Market intelligence platform Santiment shared a chart to depict this, stating,

“Bullish commentary like #buying, #bought, #bullish, or #higher are surging along side $ETH and this price level. “

Many experts have opined that for the real altseason to begin, other top coins, including ADA, DOGE, XRP, BNB, SOL, would have to display significant upside.

According to crypto commentator Benjamin Cowen,

“This is not alt season. This is ETH season. Let’s not confuse the two.”

That said, a lot would ride on Ethereum continuing to hold and dash past the next levels after the $4K mark.

Bitcoin Dominance Continues To Fall

Further, it is important to note that as per Trading View Chart, BTC.D was nearly 60% at the time of writing.

If it continues to fall below that mark, it would be a significant step toward altcoins outperforming BTC.

Crypto trader, who goes by the handle DanCrypto reiterated the significance of Bitcoin dominance trending lower.

He pointed out that this drop in BTC.D was the second largest since the cycle bottom. He further added in his post on X,

“Locally, this ~62% level on Bitcoin Dominance seems like a good level to watch for the short term momentum. Anything above and I think there’s a possibility $BTC just steals the show again and for the bigger Bitcoin Dominance trend to keep going.”

He explored this angle further by reiterating that an altcoin season onset would follow if Bitcoin dominance were to maintain its downtrend, in addition to “Ethereum leading and breaking cycle highs.”

Looking at the overall picture, next week could be a turning point for altcoins. For now, though, it might just be a tad too soon to say altseason has arrived.