The altcoin market could hit an inflection point this week as US spot Ethereum [ETH] ETF begin to trade. As the largest altcoin, ETH performance could
The altcoin market could see a turning point this week with the commencement of trading for US spot Ethereum [ETH] ETFs. Being the largest altcoin, ETH's performance could set the tone for the altcoin sector.
However, according to renowned crypto analyst Benjamin Cowen, the altcoin season might be delayed due to a potential surge in Bitcoin [BTC] dominance ahead of the likely Fed rate cut in September.
Cowen highlighted the similarities between the current BTC dominance and the pattern observed in 2019, two months before the Fed cut rates and the failure of alts to catch up.
“BTC also had an explosive move back then too, and ALTs could just not keep up. Similar candle today, potentially 2 months before the 1st rate cut.”
Source: X/Benjamin Cowen
Will Ethereum ETF trigger Alt season?
This could come as disheartening news for crypto investors who were expecting some respite from the altcoin market, which saw massive drawdowns in June.
Moreover, the Altcoin Season Index indicator suggested that the alt season was not in just yet, at press time.
Source: Blockchain Center
According to the indicator, the first half of 2024 has been a Bitcoin season. And if Cowen's projections are to be believed, this pattern could continue.
However, BTC Dominance is only one way to gauge the Altcoin season. According to some analysts, including the founders of Glassnode, another way is the ETH/BTC ratio.
ETH/BTC tracks ETH performance relative to BTC. According to Glassnode founders, who go by the username Negentropic on X, the ratio was tipped to rip off and trigger altcoin season if the US spot ETH ETF begins trading.
The products are set to launch and begin trading this week.
AMBCrypto’s analysis of the ETH/BTC ratio showed that it did surge after the partial approval of ETH ETF in May. Nevertheless, the ratio was yet to break out of its downtrend, as denoted by the descending channel (white).
Source: ETH/BTC, TradingView
It remains to be seen how the ETH/BTC will react and whether it could trigger the altcoin season. So, the BTC Dominance and ETH/BTC ratio were key fronts to track and gauge the possible impact on altcoins.
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