- TOTAL3 altcoin market cap aims to break new ATH targets.
- Ethereum, at the lead, tries to enter the price discovery phase again.
- Analyst expects more upside action for the price of ETH before new ATHs can arrive.
The altcoin market continues to remain bullish despite bearish expectations for the second half of September, about a heavy market correction that could take the price of BTC back to 5-digit values. One of the most bullish signs at the moment is the fact that the TOTAL altcoin market cap aims to break new ATH targets. This is further fueled by ETH nearing its previous ATH price, hinting at reentering the price discovery phase.
TOTAL Altcoin Market Cap Aims to Break New ATH Targets
With altseason having been delayed this bull cycle, expectations for altcoins to hit several new ATH prices in the coming days grow stronger by the day. According to some analysts, this altseason peak will be the most bullish one yet, not only because of the delay, but also because the crypto market has grown more polished this cycle, with many projects nearing a much higher status than before.
Additionally, mainstream adoption and the line of altcoin ETFs nearing approval also add to the bullish fervor of a parabolic and possibly exponential altcoin pump coming for the altcoin market. The delay in altseason has also given institutions, treasuries, and whales the opportunity to accumulate a vast amount of their favorite, most potent and promising altcoin assets, showing strength, faith, and resilience for many altcoin assets .
As we can see from the post above, a popular and reputed crypto trader, states that the TOTAL altcoin market cap is trying to break to new all-time high (ATH) prices. He says that the average altcoin has severely lagged behind BTC during this cycle, but with ETH leading the way, the momentum might be shifting. He suggests keeping an eye out for when this does break out and closes above the area suggested in the chart accompanying the post.
In addition, the trader goes on to mention that the price discovery phase for altcoins as a whole is generally a very exciting and highly explosive phase of any bull cycle. After the 2017 ATH break in 2021, the entire altcoin market tripled from that point. He then concludes saying that the same might not happen this cycle, as that could be unrealistic, but highlights the chart once again, saying that one can see how these breaks generally lead to further continuation of the trend.
Ethereum at the Lead to Making New ATH Targets
Meanwhile, the pioneer and leading altcoin asset, Ethereum (ETH), continues to show bullish momentum as the price of ETH currently trades in the $4,600 price range. With ETH inching closer to its previous ATH price, the analyst in the post above says that ETH still has to experience more upside until it can catch up to higher prices. One response states that ETH will see a quick reset before going on to hit $5,000 and higher prices.
