Does the altcoin season or the ETH season drive the cryptocurrency market rebound?
Amidst Ethereum's 30% weekly rebound, other altcoins like XRP, SOL, BNB, and DOGE have recorded gains of between 10% and 20% during the recent cryptocurrency market rebound. This clearly shows that ETH has dominated the rest of the major altcoins. Popular cryptocurrency analyst Benjamin Cowen stated that this looks more like an Ethereum season than an altcoin season, as the total market capitalization of 3 (excluding BTC and ETH) is declining against ETH. In a message on the X platform, Cowen wrote:
"ALT pairs have dropped 50% against ETH since April. As I mentioned before, this was the ETH season, not the ALT season. As long as ETH/BTC rises, ALT/BTC pairs will also rise. But it is likely that ALT/ETH pairs will rise for another week or two before they pull back".
Cowen added: "ETH is likely to reach its previous all-time highs before a pullback in September. ALT/ETH pairs will likely bounce after ETH/USD reaches new all-time highs".