It has been a wild year with less than 7 months in. We had a short-lived trade war, massive bombings in the Middle East, and Bitcoin reaching a new all-time high and now we could be on the brink of the beginning of altcoin season.
Bitcoin’s dominance is still at 60% but it certainly feels as if altcoins are starting to catch up. ETH has now swung to positive territory on a year-to-date basis after losing half of its value at some point this year.
The top altcoin has booked a solid 63% gain in the past 30 days, primarily aided by the approval of the Genius and Clarity Acts in the United States but also amid the positive impact that the Pectra upgrade has had in the network’s operational framework.
Trading volumes have surged recently and have reached 10% of the token’s circulating market cap. This is no small feat, especially as activity in the futures market has spiked as well.
We recently shared two short-term predictions for ETH and both were hit just a few days after. The first anticipated a move to the $3,650 level after a bullish rounding bottom pattern was confirmed on July 14.
