The cryptocurrency market has managed to regain momentum, with Bitcoin price recovering to $60,000. This helped increase BTC dominance to 56.6% on September 15.
However, the altcoin market capitalization has also entered a bottoming phase as it is retesting the May 2023 low. According to historical market trends, this is predicted to be the start of a potential Altcoin season.
After assessing the current market trends, investors are curious with questions like “Is the altcoin bottom here?” and “When will AltSeason start?”. Our team of experts at CoinPedia has done extensive research on the current trends and documented the findings below!
Factors Affecting AltSeason:
In addition to Ethereum price breaking above a key resistance level, there are several factors that are strongly influencing the cryptocurrency market. Here are some highlights:
- Liquidity Boost: Over the past few months, China has been boosting liquidity on a massive scale amid a potential recession. Moreover, Chinese users are increasing their participation rapidly.
- US Presidential Election: If the election results are favorable for the crypto market, this could be the trigger for the upcoming Bull Run.
- Federal Reserve Interest Rates: The FED’s rate hike could lead to a significant increase in cryptocurrency adoption.
- Token 2049: This global conference chain can foster new ideas and networking to reshape the future of the industry. The event takes place annually in Dubai and Singapore.
Additionally, with the upcoming Eigen Layer TGE event on September 17, the Ethereum ecosystem is expected to experience a whole new standard of ETH re-staking.
Top Altcoins To Accumulate For The Upcoming Altcoin Bull Run
Arbitrum (ARB)
ARB price is showing a strong growth in its chart. With increasing acceptance and bullish price action, the price could see a breakout if it can sustain this momentum. However, a dip around USD 0.50 could turn into a buying opportunity for short-term profit-taking.
Aave (AAVE)
Adding more than 75% in 30 days, the altcoin has outperformed every leading cryptocurrency. While it may experience a short-term pullback, AAVE price is expected to retest the highs above $200, making it a must-buy token from a long-term perspective.
Compound (COMP)
This Ethereum-based project is known for its DeFi lending protocol that allows users to benefit. If the ETH token performs well, the Compound price could see significant growth. This could take it towards a new all-time high (ATH).
Rocket Pool (RPL)
With a strong recovery, the RPL Token has increased by more than 50% in a few days. Despite recording a short-term drop, this ETH-based altcoin has the potential to record a new ATH, making it a Token that can increase 10x in the upcoming bull market.
Optimism (OP)
With new partnerships, Optimism price has shaken up the crypto market. With a strong foundation and monthly gains of over 40%, this altcoin has the potential to experience a multi-fold increase in the upcoming crypto bull market.