- According to crypto expert, altcoins are poised for a breakout after 500 days of consolidation
- Altseason on the horizon as investor interest in altcoins surges, with impressive gains
- Market sentiment shifts from fear to greed, signaling the potential for a robust altcoin season
According to a recent tweet by Michaël van de Poppe, a leading voice in the cryptocurrency arena, now might be the golden opportunity to invest in altcoins. Amid the protracted bear market, he points out that altcoins like Chainlink, after over 500 days of consolidation, are on the brink of a significant breakout.
Breaking Free from the Bear Market
Michaël van de Poppe’s insights come at a crucial time. He advises that strategic purchases in the crypto market should be made during periods of calm rather than in the frenzy of surging prices. This approach counters the usual investor instinct, often driven by emotions and social media influences, which can lead to confusion and fear during these pivotal market moments.
Moreover, the global cryptocurrency market cap remains robust at $1.45 trillion, as Bitcoin recently surpassed the $37,000 mark. This milestone, not seen since May 2022, hints at a strong market recovery, influenced by factors like the conviction of FTX founder Sam Bankman-Fried and the buzz around potential Bitcoin ETFs.
A New Altcoin Season on the Horizon?
The term “altseason,” often thrown around in crypto circles, refers to a period where altcoins rally, significantly boosting their total market capitalization. This phenomenon appears on the horizon again, as evidenced by several critical indicators.
The total crypto market capitalization, excluding Bitcoin, has leaped from $526 billion to $622 billion since September 8, indicating a surge in investor interest in altcoins. This uptick is reflected in the performance of large-cap altcoins, which have shown impressive strength over the past 30 to 60 days. For instance, Ripple’s XRP, after a series of legal victories, has witnessed a 45% gain in the past 60 days.
Similarly, Solana’s SOL has surged over 107%, shedding its association with troubled entities like Alameda Research and FTX. Chainlink’s LINK has also seen over 100% returns in the same period, highlighting consistent building and usage.
Investor Sentiment Turning Positive
The market’s mood has shifted from fear to greed since late October, as shown by the Crypto Fear & Greed Index. This change in sentiment aligns with the altcoin market’s performance and suggests that investors are becoming more confident in the potential of these digital assets.
As the market maintains its upward momentum, and with Bitcoin holding strong above $36,000, there’s growing anticipation among investors and market observers for a full-fledged altcoin season. This period is expected to be marked by a wave of green across the crypto market, signaling a robust bullish momentum.
In conclusion, Michaël van de Poppe’s advice to invest strategically during calm market periods seems particularly relevant now. As the crypto landscape evolves, with altcoins showing solid signs of an impending breakout, this could be the opportune moment to invest before it’s too late.
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