The price of EthereumEthereum (ETH) today broke past $200 per coin—the highest the coin’s price has been since September 2019.

Ethereum
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+5.76%$1,856.49
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ETH price

Ethereum’s price had dropped as low as $122 per coin as recently as mid-December, during the doldrums of the crypto market. (At the time, BitcoinBitcoin similarly dropped to around $6,600 per coin—losing $7 billion in total market cap within a matter of hours.)

But it isn’t just Ethereum currently experiencing a big boost in its price. The entire crypto market today surged by around $10 billion, with Bitcoin fork Bitcoin Cash (BCH) leading the way with nearly 14 percent gains.

Other altcoins are also surging: Tezos is up 10 percent, Litecoin’s price has increased by 8 percent, and Dash is now trading at $123 per coin—an 11 percent gain in the last 24 hours.

Time is ticking until the next crypto altseason. Image: Shutterstock.

Here's why crypto altseason might be on the way

The altcoin market is starting to show signs of growth. According to data provided by Arcane Research and collated by Luno, mid-cap coins—defined as any cryptocurrency with a market capitalization between $1 billion and $10 billion—performed better than any other type of cryptocurrency in January. In fact, these mid-cap coins gained an average of 68% in January, whereas Bitcoin (BTC) gained 27.8% during this time. Among the top 50 altcoins, ICON and IOTA led the market in terms of growth, racki...

NewsMarkets
2 min read
Daniel Phillips

It begs the question: Is altcoin season here?

“Heck yeah,” said market analyst and Quantum Economics founder Mati Greenspan in a newsletter to his subscribers. “It’s been altseason [since] mid-January.”

“One of the defining attributes of altseason are the random pumps on various coins, whether deserved or not,” he said. On the other hand, Bitcoin, said Greenspan, is currently underperforming.

All that is to say that we could be in for a massive bull run if Greenspan’s reading of the crypto tea leaves is accurate. Fingers crossed, hodlershodlers!

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