The launch of the Ethereum ETF that everyone anticipated, occurred yesterday, which was the first hint at a potential new altcoin season. This event might bring profits for altcoin enthusiasts. That said, Bitcoin’s near all-time high could pose a challenge.Â
Altcoin Season on the Horizon?Â
The start of the altcoin season hinged on the Ethereum ETF launch, which is now live. Investors are watching for the moment when altcoins, led by ETH, surpass Bitcoin in demand.Â
The ETF launched with over $10 billion in assets under management, with the Grayscale Ethereum Trust (ETHE) holding $9.2 billion. Expected inflows could drive Ethereum’s price above $3,500, boosting the overall crypto market, excluding Bitcoin.Â
Currently, the market cap of assets other than BTC stands at $1.05 trillion, forming a flag pattern. This pattern indicates a brief consolidation before the previous trend resumes, suggesting a potential 44% rise. This would place the market cap at $1.56 trillion, adding $510 billion.Â
While this target may be ambitious, it suggests a bullish outlook for the altcoin market.Â
Bitcoin’s Dominance to Decline?Â
The altcoin season index shows current conditions favor Bitcoin’s dominance. For altcoins to gain, they need to attract more inflows than Bitcoin. However, macro-financial uncertainties may delay this shift. The arrival of altcoin season could extend to the end of August.Â
