Experts announced the approach of the altseason amid the growth of memcoins
The growing trading volumes of memcoins indicate the upcoming altseason. This is the conclusion reached by K33 Research analysts.
On March 4, 2024, the bitcoin exchange rate broke $65,000 for the first time since November 2021. K33 Research experts believe that in the near future many altcoins will begin to "catch up" with the first cryptocurrency.
According to the report, since the market crash in November 2022, bitcoin's capitalization has doubled in relation to the total value of cryptocurrencies. According to analysts, a similar situation was observed at the end of 2020.
Experts added that the surge in memcoin trading volume last week could be an "early sign of the altseason." Recall that from March 1 to March 2, the increase in some assets, including Dogecoin (DOGE) and Pepe (PEPE), ranged from 18% to 50%.
In addition, K33 Research drew attention to the growth of trading activity on South Korean exchanges. According to them, the daily turnover on such platforms reached $ 8 billion, whereas before the growth of bitcoin it was about $ 1 billion.
However, experts have warned about the risks associated with buying altcoins in 2024. In their opinion, the approval of spot bitcoin ETFs has changed the landscape of cryptocurrency investments. Therefore, there is no guarantee that the funds coming into bitcoin will eventually be distributed among small assets.
Source: https://incrypted.com/eksperty-zayavili-o-priblizhenii-altsezona-na-fone-rosta-memkoinov/
