Altcoins have surged past a critical 8-year trendline this week, historically regarded as a major support level during market downturns. This technical breakthrough suggests potential for a sustained altcoin season, with significant gains anticipated across the cryptocurrency sector.
Ethereum is driving this momentum, demonstrating remarkable resilience with its price outperforming Bitcoin. Key metrics reveal a drop in the Ethereum-to-Bitcoin ratio to 5.17—a signal of Ethereum’s strength attributed to robust network activity, imminent protocol upgrades, and expansion in decentralized finance (DeFi) and NFT ecosystems.
Broader altcoin capitalization has soared to $1.49 trillion, nearing its peak of $1.8 trillion in 2021. This marks a monumental increase from early 2017’s $100 billion valuation. The resurgence reflects escalating institutional demand and strategic capital rotation into altcoins, highlighting renewed confidence in their long-term growth prospects.