Anticipating the Arrival of Altcoin Season
It’s been nearly seven months since non-Bitcoin tokens last saw gains, so the cryptocurrency community is eagerly anticipating the arrival of altcoin season. While many believe that institutional investors or the launch of an Ethereum spot ETF will trigger this season, the reality may be a bit different.
Meme Coin Move Forward
The next altcoin season could potentially be driven by bullishness on meme coins. While Artificial Intelligence (AI) and Real Asset (RWA) tokens have been hot topics, meme coins are emerging as the frontrunners. In the past quarter, meme coins like MOG, BRETT, PEPE, and BONK have shown remarkable performance, with increases exceeding 100%. MOG saw a rise of 350% and BRETT surged by 370% during this period.
Despite the initial skepticism from the cryptocurrency market, meme coins like PEPE and BONK saw gains of 137% and 101% respectively. This surge in meme coin popularity could pave the way for increased investor interest and market growth.
Transitioning to the possibility of an altcoin season, it is evident that meme coins are currently leading the charge with significant gains. However, there is still a long road ahead for other altcoins to attract investors and contribute to the dominance of the altcoin market.
Learn More: 12 Best Altcoin Exchanges for Cryptocurrency Trading in July 2024
As meme coins continue to attract investments and showcase their potential, other altcoins will likely benefit from increased market activity, setting the stage for a potential altcoin season.
Ethereum Provides the Necessary Boost
While meme coins show promise in driving an altcoin season, the support of Ethereum could significantly boost the odds of this season coming to fruition. The anticipation around the launch of an Ethereum spot ETF has been growing, with speculations that it could be a game-changer for the market.
Learn more: What are the best altcoins to invest in in July 2024?
Despite delays, the launch of the spot Ethereum ETF is expected next week on July 23. Bloomberg ETF analyst Eric Balchunas has indicated positive outcomes from discussions with the U.S. Securities and Exchange Commission (SEC), pointing towards a potential catalyst for the altcoin market.
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