The crypto market seems to have awakened again: in particular, in recent days Ethereum (ETH) and Dogecoin (DOGE) are showing interesting movements, even though they are not the only cryptos that are moving.
However, for ETH and DOGE, the wait had really been going on for a long time, therefore it is worth giving them particular attention at this moment.
Analysis of Ethereum (ETH) Price
First of all, it should be remembered that Ethereum is the queen of altcoins.
The undisputed king of the crypto markets is still Bitcoin, with still more than 60% dominance, but among the altcoins, Ethereum has a dominance that exceeds 35%, excluding Bitcoin and stablecoins.
Ethereum capitalizes more than 450 billion dollars, while XRP stops at less than half (210), with BNB and Solana not reaching a third.
For this reason, when the prezzo di ETH moves, it impacts the entire crypto market.
In November, thanks to the Trump-trade, the price of Ethereum had risen to $4,000, which is still quite distant from the all-time high of 2021 ($4,900) that still holds.
The problem is that starting from February 2025, it began a collapse that ended only in April below $1,500.
Note that at the end of October, before the Trump-trade, it was around $2,400, so the bull of the first months of 2025 was really significant.
However, it was only a temporary collapse, also because by May it had already returned, suddenly, right around those 2,400$ at the end of October.
The small boom
Starting from Tuesday, July 8, a small boom began.
It is advisable to compare the timing and the magnitude of this boom with the one triggered by the Trump-trade at the end of 2024.
So over the course of just over a month, it jumped from $2,400 to $4,000, while this time in less than two weeks it rose from $2,400 to $3,700.
While on one hand the current rise of Ethereum seems to want to bring it back to those $4,000 reached in December 2024, the speed at which it is growing still raises some suspicion.
In reality, if it were indeed just a recovery after an excess of fear, such timing could also be justified, but there is another factor that suggests it is something else.
The comparison with Bitcoin
For months now, the trend of Bitcoin’s price has been following a path without substantial anomalies. Therefore, from this point of view, it can be taken as a reference.
During the mini-altseason of November, the one triggered by the Trump-trade, the price of Ethereum in Bitcoin (ETHBTC) rose from 0.035 BTC to 0.041 in less than a week. Then it went down again.
This time, however, from Monday, July 14 to today, it has risen from 0.025 BTC to almost 0.032, in about a week.
Although the current values are still very low, comparable for example to those of March 2021, the growth so fast seems to support the hypothesis that there is an anomaly in the price of ETH.
At this moment, there are actually signals suggesting that the rise in the price of Ethereum in Bitcoin in the short term could continue, but it cannot be ruled out that it may stop within a few days.
The altseason
All of this is supported by another very interesting piece of data.
The altseason index of CMC up to July 8 was still in the Bitcoin season zone, meaning below 25 points.
However, starting from July 9, it began to rise again, first moving back above 30 points, precisely on Monday, July 14, and then even yesterday moving above the neutral zone set at 50.
In the past, under these conditions, the rise of this index then continued quickly up to over 75 points, that is, in the altseason zone.
Even in this case, however, it is a very rapid rise, in some ways similar to that of November 2024 when it ended up climbing well above 75 points, but giving life to a mini-altseason, and not to a true altseason.
The trend of Dogecoin
The trend of the prezzo di Dogecoin also seems to support this scenario.
It should not be forgotten that even though DOGE is the queen of memecoins, it remains a crypto without any real utility, and without any real role other than that of a purely speculative asset.
Ethereum, on the other hand, is the foundation of the largest decentralized finance platform in the world, while Bitcoin has become an important asset even on traditional bull and bear markets.
That said, any significant movements in the price of Dogecoin highlight an increase in speculative activity in the crypto markets.
First of all, it must be said that in the last 24 hours alone, the price of DOGE has risen by 9%.
This rise becomes even 31% in the last seven days, and 67% in the last thirty.
It is probably not a real bubble, but it is not much different from the mini-bubble of the first half of May.
At the time, it rose from $0.15 to $0.25 in just over three weeks, only to then return to $0.15 in the second half of June.
Now it has risen from $0.16 to $0.27 in the span of two weeks.
It should be remembered, however, that during the mini-bubble in November it managed to climb up to $0.46, so in theory it might still have some potential to express in the short term. Moreover, at that time the climb started right from $0.16, therefore the situation could also be similar.
The situation therefore seems optimistic, but the optimism might not last long either.
However, it should not be forgotten that if a mini-bubble inflates in the crypto markets and then inevitably deflates, other bubbles can always inflate in the future that can be exploited by those who know how to trade well.
