FameEX Hot Topics | Ethereum Jumps 10%—Is Altcoin Season Starting?

Ethereum (ETH) stole the spotlight on November 27, surging more than 10% within 24 hours, significantly outpacing Bitcoin (BTC), which saw a more modest 4.4% gain. This price surge pushed Ethereum’s market share to over 13% of the total cryptocurrency market cap, which now stands at $3.33 trillion. Despite Bitcoin’s dominance for most of 2024, Ethereum’s performance on Wednesday highlighted its resilience, especially when Bitcoin’s growth slows. 

Throughout 2024, Bitcoin has far outpaced Ethereum, outperforming it nearly threefold, which underscores the disparity in market momentum between the two largest cryptocurrencies. However, Ethereum tends to shine during periods of Bitcoin’s stagnation or slower growth, as seen with this latest surge. In the past 24 hours, Ethereum saw $47.87 billion in trading volume, with Tether (USDT) leading as the most traded pair. Other notable pairs included the U.S. dollar (FDUSD), USDC, Bitcoin (BTC), the Korean won, and the euro.

In the derivatives market, Ethereum experienced $56.5 million in liquidations, with $47.73 million coming from short positions on ETH. Currently trading at $3,647, Ether still has a 24.8% climb ahead to reclaim its all-time high of $4,800, which was set back in 2021.

The recent price movement has sparked renewed optimism among traders, with many now looking toward the possibility of an altcoin season. Crypto analyst Tony "The Bull" Severino pointed out that Ethereum's weekly SuperTrend indicator has triggered a buy signal, similar to the one in 2023, which led to a 120% rally. If history repeats, Ethereum could surge to $7,500.

With the Altcoin Season Index (ASI) now approaching 75, a threshold signaling the potential for broader altcoin growth, Ethereum’s momentum could fuel a resurgence in altcoins, reigniting enthusiasm in the broader cryptocurrency market.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.