FameEX Hot Topics | Ethereum Soars 10%—Is Altcoin Season on the Horizon?

Ethereum (ETH) stole the spotlight on Wednesday, surging more than 10% in just 24 hours, while Bitcoin (BTC) saw a more modest 4.4% gain. This impressive move for Ethereum has brought its market share to over 13% of the total cryptocurrency market cap, which now stands at $3.33 trillion. Despite Bitcoin’s dominance throughout 2024, Ethereum has made a strong showing, particularly when Bitcoin's momentum slows, and November 27 was no exception.

For most of 2024, Bitcoin has significantly outpaced Ethereum, outperforming it nearly threefold. This highlights the stark contrast in market momentum between the two largest cryptocurrencies. However, Ethereum has historically shown strength when Bitcoin’s price growth slows, and that was evident in its latest performance. Over the past day, Ethereum saw $47.87 billion in trading volume, with Tether (USDT) being the most traded pair, followed by the U.S. dollar (FDUSD), USDC, Bitcoin (BTC), the Korean won, and the euro.

On the derivatives side, Ethereum experienced $56.5 million in liquidations, including $47.73 million from ETH short positions. At a price of $3,647, Ether still has a 24.8% climb ahead to reach its all-time high of $4,800, which was set in 2021.

The recent surge in Ether’s price has sparked optimism among traders, with many now eyeing a potential altcoin season. Tony “The Bull” Severino, a well-known crypto analyst, pointed out that Ethereum's weekly SuperTrend has triggered a buy signal, noting that Ether rallied 120% after the previous buy signal in 2023. If history repeats, another 120% rally could push Ethereum to around $7,500.

Ethereum’s continued rise is stirring excitement, with the Altcoin Season Index (ASI) approaching 75, signaling that altcoins could be set for a breakout. While Ether still has a way to go before hitting its peak, its current momentum could ignite renewed interest in the altcoin market.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.