As of midday Monday, according to CoinMarketCap.com, Ethereum (ETH, Tech/Adoption Grade “A-”) is trading north of $2,100. The world’s second-largest cryptocurrency by market capitalization is leading what the experts call “altseason.”
That’s short for “altcoin season.” An “altcoin” is, basically, a cryptocurrency that is not Bitcoin (BTC, Tech/Adoption Grade “A-”). Altseason means it’s their time in the sun.
Ethereum, which set a new all-time high on Friday, April 2, is an essential part of the decentralized finance (DeFi) revolution. DeFi promises to change the way we transact in just about every conceivable way.
Here’s how Wikipedia describes it:
Decentralized finance is a blockchain-based form of finance that does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments, and instead utilizes smart contracts on blockchains, the most common being Ethereum.
There’s a crucial element at play here, too, as Dr. Martin Weiss explained in yesterday’s issue. The Federal Reserve and the U.S. government are printing, borrowing and spending at historic rates. Inflation is flaring.
So, bond investors are getting scared. And they’re taking their capital elsewhere.
Our in-house experts are following daily developments with Bitcoin, Ethereum and altseason. Here’s what Alex Benfield had to share with Weiss Crypto Alert readers about last weekend’s price action and what it portends:
What an exciting weekend of crypto trading that was. And how great is it to have something besides Bitcoin to talk about.
We’d said before that the No. 1 sign of a true altseason is for Ethereum to break out to new highs and lead an altcoin boom while Bitcoin trades sideways. And that’s exactly what we’ve seen over the last few days of trading.
Assuming ETH and other altcoins continue this bullish run and Bitcoin continues to consolidate under $60,000 for the rest of the week, BTC dominance will shrink. We’ll also see some altcoins go parabolic. This is the most exciting market phase for cryptocurrencies, and we’re only in the beginning stages.
That said, altseason is not at all bearish for Bitcoin. In fact, this serves to bring more eyes and attention to the whole crypto industry, which, in turn helps BTC. It’s not going away and will enjoy the spotlight once phases inevitably shift again.
We’ll continue to uncover exciting new altcoin opportunities as this market develops …
Click here to follow Weiss Crypto Alert for daily updates on Bitcoin, Ethereum, altseason and the rapidly unfolding DeFi revolution.
Best,
David Dittman
