As the cryptocurrency market recovers from last week’s selloff, optimism rises amongst traders and investors alike, with bullish predictions trailing online cryptocurrency communities.
In line with the bullish price predictions is a fresh outlook from a market expert focused on alternative cryptocurrencies, or altcoins.
According to João Wedson, the founder of crypto investment platform Alphractal and a verified author at Crypto analytics firm CryptoQuant, the long-awaited altcoin season is already in motion.
In a post shared on X, the analyst informs his 6,000 followers that a handful of altcoins outperform Bitcoin. As such, the market could soon witness a massive price rally within the broader altcoin market.
“An Altcoin Season is happening right now! Altcoin Seasons can unfold within hours, days, or weeks — and we can’t afford to miss these opportunities.” He wrote.
As displayed in the altcoin and Bitcoin index chart shared by the market expert, many altcoins appear to be trading at a higher volume than Bitcoin this June. More specifically, 47 of 56 altcoins have outperformed Bitcoin in the last 900 minutes.
The trend signals renewed interest in the altcoin market, suggesting a price rally might be closer than expected. However, the analyst maintains that the bears have not fully exited the market as market volatility is expected to continue.
“Take advantage of it [the altcoin season], because the coming days will bring high volatility and great opportunities.” He added.
XRP and Ether bulls remain wide awake despite heightened volatility
Most altcoins within the top 50 category are trading in red at report time. However, leading altcoin Ether and XRP appear to have successfully retained gains from the previous week.
Ether and XRP have emerged as the highest gainers, with 7-day gains of 2.62% and 3.85%, respectively. At report time, Ether is valued at $2,528, while XRP trades at $2.16 per coin.