📢 Coinbase indicates a 50% increase in the market capitalization of altcoins since July — Is this the beginning of the altcoin season? 🚀💹
✅ Significant jump: The market capitalization of altcoins has risen more than 50% since the beginning of July.
✅ Bitcoin dominance decline: Dropped from 65% in May to about 59% in August.
✅ Institutional interest in Ethereum: Institutional holdings exceeded 3 million ETH, of which 1.15 million were purchased by Bitmine this year.
✅ Ethereum-linked coins are witnessing a rise: Notably, Lido DAO with a 58% increase this month.
✅ Market supportive factors:
▪ 💰 Over $7.2 trillion in money market funds may flow into crypto with interest rate cuts expected in September and October.
▪ 📈 Recovery of liquidity indicators in the market after a 6-month decline.
✅ Forecasts: Coinbase sees that liquidity factors, the decline in Bitcoin dominance, and increasing institutional demand for Ethereum may pave the way for a stronger launch of the altcoin season in the coming months.
📊 The Altcoin Season Index is still in the forties, below the 75 level which is usually defined as an official altcoin season.