The much-anticipated “altseason” has yet to arrive, with the total market capitalization of altcoins falling back to December 2023 levels.
Despite the currently bearish sentiment, no major narratives are propelling the market, unlike the ICO boom of 2017, DeFi surge in 2020, or NFT craze in 2023. The absence of such trends suggests altcoins may continue to underperform against Bitcoin unless a catalyst, such as the approval of spot Ethereum ETFs emerge.
As noted by top crypto analyst Ash Crypto, the current market conditions could present a strategic buying opportunity. Altcoins have declined 30% to 50% from recent highs, dampening retail investor interest.
The Mega Altseason Has Not Started Yet
— Ash Crypto (@Ashcryptoreal) June 11, 2024
Total Altcoin MCap has retraced back to December 2023 levels
There are still no big narratives, like ICOs in 2017, DeFi in 2020, and NFTs in 2023.
Unless the ETH ETF starts trading, alts are going to continuously bleed against BTC.… pic.twitter.com/4o4SSlEM0I
However, whales continue to accumulate, signaling potential long-term confidence. This suggests a prudent strategy might be to focus on accumulating utility-focused tokens and await a Bitcoin breakout above $100,000, which could ignite a broader market rally.
According to CoinMarketCap data, the overall cryptocurrency market sentiment is bearish. Ethereum (ETH) is currently trading at $3,501.46, down 2.72 % in the last 24 hours. Binance Coin (BNB) is at $605.98, down 2.95%, and Solana (SOL) has dropped 4.46% to $149.33.
Source: Coinmarketcap
XRP’s live price is $0.481372, with a 24-hour trading volume of $1,309,737,077, showing a 0.87% decrease. Cardano is trading at $0.425030, with a 24-hour trading volume of $527,842,682, down by 1.56%. Shiba Inu, priced at $0.000022 with a 24-hour trading volume of $810,863,260, has declined by 1.12%.
In contrast, Toncoin (TON) has risen 2.27% to $7.03, while Dogecoin (DOGE) is down 0.98% at $0.139692.
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