Ethereum is about to start the new altcoin season

The past few days have been dynamic for the crypto market, and Ethereum is in the spotlight. Could it lead a new massive altcoin rally? Here’s what we’re watching this week and why August could turn out to be a historic month.

Macroeconomic factors 

This week’s theme is a familiar one – inflation and its impact on consumers:

- Tuesday – July Consumer Price Index (CPI) data.

- Thursday – July Producer Price Index (PPI) data.

- Friday – Retail sales and consumer sentiment data.

Positive macro news often gives an extra push to the crypto market, especially when institutional buying activity is high.

4-year resistance for altcoins 📊

The total market capitalization of all cryptocurrencies, excluding Bitcoin, has been trying to break the 1.51 trillion USD level for nearly four years – without success.

We are now in the seventh attempt to break through. To confirm the breakout, August must close with a market cap above this threshold.

A key driver behind this upward pressure is Ethereum purchases by public companies:

- $BMNR – recently bought 317,000 ETH, bringing their total holdings to 1.15 million ETH (about $4.9 billion). Their goal is to own 5% of the entire Ethereum supply.

- $SBET – raised an additional $400 million, now holding around $600 million for ETH purchases.

These large-scale institutional purchases could provide the push that takes the market above the 4-year resistance.

 What’s next if we break through? 🚀

If this level is surpassed and turns into support, the probability of a new widespread altcoin rally increases sharply.

History shows:

- The longer the buildup phase, the stronger the subsequent breakout.

- In this case, we’re talking about consolidation that has been ongoing since May 2021. Possible confirmation date: September 1 

Real-time market snapshot 📈

Today, the total crypto market capitalization exceeded $4 trillion for the first time. The driver? Altcoins – with Ethereum leading the way.

We’re monitoring ETH funding rates – if they stay below 0.05%, the chances of continued growth remain high.

Everything indicates that we’re on the verge of a moment that could shape the market for years ahead. If the 1.51T level is broken, the chances of seeing a massive altcoin rally are higher than ever. History shows that such opportunities don’t come often – the question is whether you will seize them. With Altcoins.bg you can buy, sell, and exchange leading cryptocurrencies quickly, easily, and securely, directly from Bulgaria. The time to act is now.