The cryptocurrency market is on fire, there’s no doubt of it. Especially today, after ETH went on a rampage and charted two consecutive green hourly candles, gaining upwards of 10%, bringing its total gains for the past twelve hours alone to almost 20%.
ETH Conquers $900 with Massive Candles
It appears that ETH bulls are refusing to sit tight while Bitcoin charts new highs on a daily basis. Today, they made a statement with two massive hourly candles, bringing the price up to a high of $926 (on Binance), for a two-hour positive increase upwards of 10%.
Zooming the charts out a bit paints an even better picture as ETH is up almost 20% in the past twelve hours alone, bringing its total weekly gains to just shy of 40%. The price has since retraced a bit to its current trading levels but it’s still up more than 15% in the past 24 hours.
Going forward, it’s interesting to see how the price will develop. It’s worth noting, however, that the latest developments in ETH’s price have also increased its total market capitalization to more than $100 billion – up 25% since this time last year.
Altcoin Season Approaching?
The first thing to consider when it comes to the formation of a potential altcoin season is Bitcoin’s market dominance – the cryptocurrency’s relative share in the entire market. At the time of this writing, it sits at about 71%.
However, it lost more than 1% since ETH started to pop and we can already see why – other altcoins are also increasing, resulting in a decline in the BTC dominance.
Some examples include Litecoin (LTC), which is up 17% in the past day, as well as Bitcoin Cash, Chainlink, Polkadot, Cardano, and others alike – most of them have increased by almost 10% in the past 24 hours.
It’s also worth bringing up another interesting fact – the recent increase in Dogecoin (DOGE), as reported by CryptoPotato yesterday. This has historically been regarded as a speculative indicator that an altcoin season might be around the corner and it’s exciting to see if it will turn out to be true this time around.