As crypto traders desperately seek signs of the altcoin season, an analyst has identified a strong uptrend in the altcoin market capitalization against Bitcoin.
During a time when the whole crypto market is looking for signs of altcoin season, where tokens and coins outperform Bitcoin, the technical indicators do not show good signals. In particular, the Altcoin Season Index (ASI), which gauges the seasons in the crypto market, has fallen back into the neutral zone.
The ASI is an indicator that fluctuates between the altcoin and the Bitcoin season. The ASI scale runs from 0-100, with values above 75 signaling altcoin season. Values below 25 mean it is Bitcoin season, where the market leader outperforms other cryptocurrencies. The ASI crossed into the altcoin season a few days back, but it has once again fallen back to the 51 (25>neutral<75) neutral zone.
With the ASI falling below the 75 threshold, the hopes of an oncoming altcoin season faded until an analyst saw a developing uptrend. On the altcoin market cap vs Bitcoin chart, the investor, Michael van de Poppe, saw the altcoin market cap building a strong uptrend.
Despite the strong signals of an altcoin season, the crypto traders and investors aren’t yet convinced. They are still looking for more signs of the arrival of the altcoin season. According to historical evidence, “History says, altcoin dominance jumps once ETH Pumps above all-time high. For us to see the real alt szn, ETH needs to break $5,000.” ETH is currently trading at $4.3K after losing 0.03% value during the past 7 days.
Meanwhile, the approval of the Solana ETF is supposed to happen by the 10th of October. With the analyst giving the approval of SOL ETF a 95% chance, the Solana price could soar once the Exchange Traded Product is approved.
