Altcoin Season Triggered by Ripple Lawsuit Ruling, Analysts Predict Further Gains
The SEC vs Ripple lawsuit ruling has ignited the highly anticipated altcoin season, bringing much-needed clarity to not just XRP but the entire cryptocurrency industry. Experts foresee a bullish outlook in the coming months, although a correction may be on the horizon.
Altcoins have witnessed a surge in social dominance and daily traded volume, indicating growing interest. Both institutional investors and retail traders are expected to pour new funds into the cryptocurrency industry, driven by increasing FOMO sentiments.
Altcoin Season on Horizon
Renowned crypto and stock investor Jelle (@CryptoJelleNL) highlighted on Twitter that the positive news surrounding XRP served as a catalyst for the total altcoin market cap rally. Breaking a falling logarithmic trend after 18 months, the analyst believes this breakthrough could result in further gains in the upcoming weeks.
Bitcoin’s dominance in the market has declined, fueling the altcoin season. According to TradingView’s market data, Bitcoin’s market dominance has decreased by approximately 3 percent over the past five days, settling around 50 percent on Friday.
Experts suggest that despite some altcoins experiencing significant rallies recently, there is still potential for further upside in the coming weeks. Favorable technical and fundamental factors indicate that most digital assets are currently favored by bullish trends, especially considering the high global inflation in the fiat currency market.
