- Altcoins on perpetual futures are about to fall to a 50% lower support level.
- The industry proponent’s altcoin season model predicts the possibility of ~13.5X upside.
People in crypto town have been waiting for an alternate season for a long time. Which has been kept out of sight, for the last few quarters. There are only 60 days left for the second half of the year to begin. Concerns around alt season are now evident in the industry. The trajectory for altcoins has been similar to last year, when bitcoin held the lion’s share of volumes.
Successively, industry specialists have analyzed and quantified a myriad of charts and patterns. For example, altcoins on perpetual futures are about to drop to a 50% lower support level. In contrast, an altcoin model presented by an industry promoter predicts the possibility of ~13.5X upside.
Is this the time when an altcoin season could set in?
The performance of the majority of altcoins has been relatively lackluster. With exceptional cases like ApeCoin and GMT. While the total market capitalization of the cryptocurrency industry at the time of publication stands at $1.74 trillion. The market capitalization of all altcoins combined is around 10 billion euros. $1.06 trillion. That said, the volume for the last 24 hours is currently $60.5 billion.
Bitcoin continues to lead the industry with its €1.5 billion market share. 42.5%compared to that of Ethereum. 19.62%. With the Ethereum merger nowhere in sight, altcoin season would be out of reach in May. The altcoin perpetual futures chart shows that altcoins are bouncing off an important horizontal support level. Which is getting lower and lower, however, the next support is 50% lower.
According to the model shared by a promoter, the total market capitalization of the industry, excluding Bitcoin and Ethereum. should increase by ~13.5 folds by May 2023, propulsion translates to ~2150%.
According to the psychological chart shared by a renowned industry analyst. Crypto-assets went through disbelief. With stops at hope, optimism, belief, thrill, euphoria, complacency, anxiety, denial, panic, surrender, anger and depression. Market psychology has now separated from disbelief, and the trajectory could repeat history.
In summary, potential altcoins such as Terra, Avalanche, Polygon, Chainlink, Decentraland, and The Sandbox. have the potential to attract institutional investment from giants such as Grayscale and Ark Invest, among others. If they materialize, they could probably steal Bitcoin’s share during the alt market season. That said, the rise in altcoins could start before June.