In the last five and a half months, cryptocurrency markets have hit a new peak in overall market capitalization. This huge rally has led to ‘altseason’ calls from market experts and analysts across the crypto industry. Besides, on Saturday, July 25, the crypto market was red-hot, with a massive $17 billion rally, a little over 6%.
Notably, this run was enough to push the market past the $300 billion levels for the first time in five months, and its highest level since mid-February. After making a massive recovery following an insipid 2019, the cryptocurrency market cap reached about $308 billion in February this year. However, in mid-Feb, a drawdown occurred following the coronavirus pandemic‘s rampant spread, pushing back crypto markets back to their winter lows.
Ethereum leading the bull-run in the cryptocurrency market
The damage caused by the novel pandemic is now a thing of the past, as a total recovery was made with altcoins on the driver’s seat. Notably, Ethereum has been leading the overall recovery in the cryptocurrency market with its market value hitting $330 earlier today. This move lifted the altcoin to its highest price since June 2019, when Ether traded at $360 for a short time.
The $330 price level is now the current critical resistance level for Ethereum. If ETH can break past this zone, it can create a new, more significant high; confirming its next bullish momentum. The positive momentum for Ethereum was triggered by the news; that the final public testnet for ETH 2.0 will be launched in a week’s time.
Bitcoin’s diminishing dominance
On the other hand, Bitcoin has not done much at all to boost the cryptocurrency market capitalization. If anything, BTC has even pulled down the efforts put by the other altcoins like Ethereum. The declining Bitcoin supremacy has heightened the calls for a new altcoin season, with its value dangerously dropping by about 60 percent, hitting its lowest price since mid-February.
However, despite the setback, Bitcoin has made its come-back to the five-figure category. A few hours ago, the price of the most popular cryptocurrency reached $10,340. Regardless, Bitcoin must close above this zone for a bullish run to be confirmed. Typically, BTC is likely to establish the grounds for the entire market, and its next move will be very pivotal. Finally, after months of inconsistency, the cryptocurrency market is back on track, and things are normalizing.