Altcoin Season Kicks Off as Crypto Market Sees $46.15 B Billion Inflow
- Antwan Koss
- April 15, 2023
- Altcoin, Crypto, news
- Altcoin, Bitcoin, Crypto market, cryptocurrency, ethereum
- 0 Comments
Crypto investors have reason to celebrate as the crypto market saw a massive inflow of over $46.15 billion in the last 24 hours, pushing its market share to nearly $1.3 trillion. According to expert traders, this marks the start of the altcoin season, with plenty of opportunities for investors to make significant returns. However, caution is advised as the cycle can be unpredictable.
Analysts say that in a bull market, the flow of liquidity starts from Bitcoin, then to Ethereum, followed by altcoins, and eventually ends up in low-quality cryptocurrencies before the process starts over again.
However, on Twitter, a crypto influencer from Germany claimed that the current market phase resembles 2019 more than an actual bull market. The influencer cautioned investors to anticipate a slower response from coins, along with abrupt price surges, sharp declines, and an uncertain conclusion to the cycle.
Bitcoin and Ethereum Surge in Value, Solana Emerges as Top Performer.
At present, Bitcoin (BTC) has a trading value of $30,982.44, exhibiting a 9.08% surge in the previous seven days, and the market capitalization of the cryptocurrency exceeds half a trillion dollars. This price level is the highest for Bitcoin in the current year and since June 2022, which marks the time when the Terraform Lab’s initiatives collapsed.
In the last week, Ethereum’s (ETH) value has risen over 14.76%, and it has crossed the $2k threshold for the first time in almost a year. Presently, it is trading at $2,131.81. Among the top ten cryptocurrencies with the largest market capitalization, Solana (SOL) has performed the best, with a growth rate of over 22.11% in the previous seven days. Moreover, traders traded SOL tokens for nearly $1 billion.
As always, investors are advised to proceed cautiously and do their due diligence before investing in any cryptocurrency. The crypto market can be highly volatile, and sudden changes in price can result in significant losses for investors who are unprepared. However, for those who proceed with caution and make informed investment decisions, the altcoin period presents an exciting opportunity to make great returns.
