A widely followed crypto analyst says price volatility in small-cap tokens suggests an altcoin season may be underway.
In the new video, the host of the YouTube channel InvestAnswers To tell His 441,000 subscribers say the small altcoin is trading 5% below its December 12 price, but its trajectory points to significant upside potential.
“According to this chart from Blockchaincenter.net, it looks close. [altcoin season]You have to be under 25 to be Bitcoin season. Altcoin season, this chart says no, but it will show up in 90 days. Looking at the last month, we can say that it could be the season for altcoins. “
Analysts say wallets holding the leading altcoin, Ethereum (ETH), are currently profitable.
“Ethereum addresses are profitable [is] It’s currently at 52%, not as good as Bitcoin, but it’s doing pretty well with Ethereum’s price rebound below $1,300, which is a plus for many. “
ETH is trading at $1,402 at the time of writing.
Analysts also say data from crypto analytics firm Santiment shows a surge in optimism for altcoins.
“The altcoin rally is a very welcome new year for cryptocurrencies and whether prices continue to surge depends on whether traders are happy with their FOMO. [fear of missing out] There was some profit taking as we saw with Bitcoin. Alternate season again, who knows? A lot of people are super excited in his Twitterverse right now, and we don’t know what it will be, but we’ve also seen so many celebrities in crazy, crazy action. “
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