Ethereum and Cardano Poised to Lead Anticipated Altcoin Rally
ETH and ADA Prepare for Altcoin Season
While everyone is waiting for a reaction from Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA) seem to be preparing to take control. If the dominance of Bitcoin falls, ETH and ADA could lead the altcoin rally. Despite recent price increases, according to crypto analyst Dan Gambardello, ETH and ADA have not yet made major moves to confirm the much-anticipated altcoin season.
What is Altcoin Season?
For those unfamiliar with the market, altcoin season refers to a phase in the market boom cycle where alternative cryptocurrencies outperform Bitcoin. Historical data shows that the boom starts with capital first flowing into ETH. In the last bull cycle, ETH led the rally, accompanied by ADA’s breakout. This time it may not be any different.
Market Participants Have ADA and ETH in Sight
According to results from Santiment, ADA’s Weighted Sentiment had a value of 0.918. ETH also had a positive Weighted Sentiment. This shows the perception of the average market participant about a project. Therefore, these values indicate that most traders were bullish on the Ethereum and Cardano ecosystems.
Price Forecasts for ADA and ETH
If this sentiment remains, there could be buying pressure for the cryptocurrencies. In this case, the price of ADA could rise towards $1. The price forecast for ETH over $3,000 could also be realised. In terms of volume, on-chain data showed that ADA has risen to $685.07 million. The increased volume suggests that interest in ADA has increased. The volume of ETH behaved similarly.
Market Capitalization of ADA in ETH Terms
At the present time, Ethereum’s volume was at $15.62 billion. In conjunction with the price, the volume could trigger an upswing. If ADA’s volume continues to rise along with the price, it could overcome resistance. In addition, ETH could rise to $3,500 if interest in the cryptocurrency maintains the increase. Should ADA reach $0.90 and ETH $3,500, the prices of other altcoins could also rise.
Sources: Santiment, CoinStats
