Ethereum Hits 22-Month High Amid Altseason Speculations
Ethereum’s price surge raises hopes for ‘Altseason’
While the price of Bitcoin [BTC] reached new heights in recent days, Ethereum [ETH] followed this trend. On February 19, ETH reached its highest price in 22 months, rising to $2,980. This is the first time since April 2022 that ETH has approached $3,000. This significant price increase has led many to expect an ETH bull market and even consider the start of other altcoins. However, some experts caution that the Altseason may not occur as quickly as expected.
Ethereum is preparing
The rise in the ETH price is mainly revolving around the Dencun upgrade and the mainnet launches for the scaling solution Blast and the restaking platform EigenLayer. Henrik Andersson, Chief Investment Officer of Apollo Capital, said: “Ethereum has underperformed BTC over the past year, it seems as if it’s time for a catch-up due to supply shortages and deflation since the switch to PoS (Proof of Stake).
Contrasting viewpoints
Markus Thielen, the head of 10x Research, disagreed with this view and said: “Although speculations about the possibility of an Altcoin season are circulating, substantial evidence is lacking in the current environment as the ongoing dominance of Bitcoin stands at 51%.” He clarified that for the start of a robust Altcoin season, a sustained decrease in Bitcoin dominance to below 45% is necessary.
Is this all illusion?
The recent price surge of the top coin has sparked speculations in the crypto space. To provide a clear picture, Santiment reported on February 20 that most crypto projects have been profitable since October, but some lagging altcoins warn of overbought signals.
Source: AMBCrypto
