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Crypto Market Sees $55B Inflow; Altcoin Season Is Here, Says Analyst

Published 15/04/2023, 07:56
Crypto Market Sees $55B Inflow; Altcoin Season Is Here, Says Analyst

  • Ethereum price crosses $2k for the first time in a year.

  • Bitcoin has seen a 10% increase in the last seven days, trading at $30,838.

  • Solana emerges as the best-performing top 10 cryptos with over 23% growth.

This week the price of Ethereum (ETH) crossed $2k for the first time in nearly one year. Expert crypto traders believe the altcoin season has begun, so investors have plenty of opportunities to make significant returns, provided they proceed cautiously.

According to analysts, liquidity flows from Bitcoin (BTC) to Ethereum in a bull market, then altcoins, and finally shitcoins before the cycle repeats itself.

A German crypto influencer on Twitter argued that the current phase is more like 2019 than a real bull market. He said investors should expect coins to react more slowly, with sudden price jumps, violent crashes, and the unpredictable cycle ending.

According to data from the market tracking website, CoinMarketCap, the global crypto market saw an in-flow of over $55 billion in the last 24 hours, putting its market share at nearly $1.3 trillion. The new milestone the most popular crypto, Bitcoin, attained contributed immensely to the new figure.

BTC trades at $30,838, with a 10% increase in the last seven days and a market cap of over half a trillion dollars. The $30k price point represents its highest point this year and since June 2022, when the Terraform Lab’s projects imploded.

Similarly, ETH trades at $2,118 after gaining over 15% in the past week. Of the top ten cryptos with the largest market cap, Solana (SOL) was the best-performing coin. SOL grew by over 23% in the last seven days while crypto traders bought and sold nearly $1 billion of the token.

The post Crypto Market Sees $55B Inflow; Altcoin Season Is Here, Says Analyst appeared first on Coin Edition.

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