TOTAL2 has begun the first wave of an upward impulse and is up 60%. Most TOP 50 coins are doing better than BTC - altcoin season 2022 is underway. The long-term resistance at 0.075 BTC has been overcome by the price of ETH/BTC, which is climbing.
Altcoin supporters have gone through a lot of pain in 2022. Over the past 10 months, not only has the price of Bitcoin fallen precipitously, but the value of the majority of alternative cryptocurrencies has also plummeted.
When is the altcoin season in 2022, everyone wonders? BeInCrypto analyzes this topic today by examining the chart of the market capitalization of alternative cryptocurrencies, alternative cryptocurrencies season indications, and the value of ETH relative to BTC. Because of this, it appears that the worst time for altcoins may be behind, and the market is poised for a significant altcoin season in 2022.
TOTAL2 starts an ascent impulse.
The altcoin market capitalization (TOTAL2) chart shows that for the previous six weeks, only green candles have been produced. This most likely indicates that we are currently in the initial phase of a rising impulse that started on June 18, 2022, when the market reached a bottom at $427.5 billion. The market capitalization of altcoins has risen by approximately 60% so far, peaking at $693 billion.
Altcoins, like the BTC market, had a significant decrease from the all-time high (ATH) of $1.7 trillion on November 10, 2021, but, before that. Since then, the declining resistance line (blue) has frequently rejected the cryptocurrency index as it has descended along it (red circles).
The cryptocurrency season of 2022 seems to have started when TOTAL2 (green arrow) finally broke clear of this line in March. The increase did not continue long, either, as the index began an accelerating drop barely three weeks after reaching a local top of $1.27 trillion.
It resulted in the low point in June indicated before. This time, the blue resistance line—which had already been confirmed twice—flipped from resistance to support. But before that, the long-term support line, which had been in place since February 2021, experienced a large breakdown (orange line and arrow).
The 2022 altcoin season has already begun! The analysis of the market capitalization chart for alternative coins and the resemblances to the previous cycle are not the only factors driving the ongoing rise in alternative coin prices. BlockchainCenter data indicates that the altcoin season 2022 has just begun.
