The cryptocurrency market is showing signs of recovery, with Bitcoin surpassing the $60k mark and reclaiming its dominance to 56.6% on September 15. As Bitcoin gains momentum, the altcoins market cap is also on the rise, retesting its May 2023 low. This has sparked speculation about the potential beginning of an Altcoin season.
Investors are eagerly awaiting answers to questions like “Have altcoins hit rock bottom?” and “When will AltSeason kick off?”. Our team at CoinPedia has conducted an in-depth analysis of the current market trends to provide insights into the future of altcoins.
Factors Influencing the AltSeason:
1. Increasing Liquidity: China has significantly increased liquidity in recent months, potentially due to an impending recession. Chinese users are becoming more involved in the crypto market, contributing to market growth.
2. U.S. Presidential Election: The outcome of the election could impact the crypto market positively, triggering a Bull Run.
3. Federal Reserve Rate: The FED’s rate cuts could lead to a surge in crypto adoption.
4. Token 2049: The global conference series, held annually in Dubai and Singapore, could introduce new ideas and networking opportunities to shape the industry’s future.
Additionally, the upcoming Eigen Layer TGE on September 17th is expected to bring a new standard of ETH re-staking to the Ethereum ecosystem.
Top Altcoins to Watch for the Altcoin Rally:
1. Arbitrum (ARB): Showing strong growth in its chart, ARB could break out if it maintains its momentum. A dip to around $0.50 could present a buying opportunity for short-term gains.
2. Aave (AAVE): With a 75% increase in 30 days, AAVE has outperformed major cryptocurrencies. Despite potential short-term dips, AAVE is projected to retest its high of over $200, making it a promising long-term investment.
3. Compound (COMP): Known for its DeFi lending protocol on Ethereum, COMP’s price may see significant growth if ETH performs well, potentially reaching a new All-time High.
4. Rocket Pool (RPL): RPL has seen a bullish recovery, surging over 50% in a short period. Despite minor setbacks, this ETH-based altcoin has the potential to reach a new ATH, making it a potential 10X token in the upcoming bull market.
5. Optimism (OP): With recent partnerships and a monthly gain of over 40%, Optimism has caught the attention of the crypto market. With strong fundamentals, OP has the potential for a significant surge during the upcoming bull run.
Stay tuned for more updates on the cryptocurrency market and potential AltSeason opportunities.