Altcoins are facing the primary question of whether the altseason will ever happen as an expert has refuted its possibilities. Bitcoin claiming dominance is further strengthening the argument of the expert. Besides, this argument from the crypto expert comes when several positive developments are being noted around altcoins.
Is Altseason Not Happening, What’s Next for Altcoins?
Altcoins enthusiasts came across an X post by Ali Martinez and were left slightly disappointed when they read an ‘unpopular opinion.’ Also known as Ali Charts, the crypto expert said that there would not be an altseason because the supply was massive in comparison to a decade ago.
Ali Martinez said that altcoins were fewer than 500 in 2013-2014, giving them sufficient advantage to gain traction in the market. But, they have increased in numbers since then with the next surge noted in 2017-2018. That is when, he stated, altcoins increased to something just less than 3,000. Ali Charts said that altcoins are now over 36.4 million in number and make up for a massive supply.
Source: Ali Charts, X
The most notable surge came in May 2021 followed by sometime after September 2023. The number of unique crypto tokens rose from less than a million to over 15 million during that time, and are now over 30 million in supply. It remains to be seen what happens to altcoins if the altseason doesn’t pick up, especially since BTC is claiming larger dominance by maintaining the momentum of over $100k milestone.
Bullish Sentiments Still Exist
Nevertheless, the altcoins community is bullish that the altseason will eventually happen even if it takes more time. The confidence is rooted in the commitments expressed by Donald Trump of making the US the crypto capital of the world. He reaffirmed this commitment while addressing the World Economic Forum at Devos where Brian Armstrong, Coinbase CEO, also said that he was bullish on the crypto future.
Moreover, JPMorgan has broken the silence on the possibilities of Solana and XRP ETFs in the future. The American multinational has estimated a total inflow of around $15 billion within one year if SOL ETFs and XRP ETFs are approved. This is now gaining more traction because CoinShares has filed for XRP ETF with the US SEC. If approved, then XRP ETFs will join the list of crypto ETFs which, to date, only has Spot Bitcoin ETF and Spot Ether ETF.
Interestingly, Bitwise has also made an advancement for the Dogecoin ETF launch. Bitwise has registered Bitwise Dogecoin ETF entity in Delaware as well, triggering speculation that an official SEC filing will be made soon.
Sentiments for Altcoins
Ali Martinez may have shared an unpopular opinion about the altseason but sentiments for the future of altcoins are bullish. This was last seen happening when TRUMP and MELANIA meme coins marked significant upticks. A few altcoins that continue to record the highest surge in their values are LTC, BGB, and LEO, with an increase of 4.58%, 7.22%, and 0.39% in their respective values over the past 24 hours.
The post What’s Next For Altcoins As Top Expert Refutes Altseason Possibilities? appeared first on CoinGape.
