Ethereum

bullish

Bitcoin

Verify

Chainlink

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Ethereum’s recent price surge and transaction velocity may indicate the beginning of an altcoin season.</li>
 <li>Chainlink displays significant growth, suggesting a bullish sentiment in the altcoin market.</li>
</ul>
<p>Ethereum, the second-largest cryptocurrency by market capitalization, has recently shown considerable strength. Over the past day, Ethereum’s price has risen by almost 10%, reaching a trading price of $3,374.</p>
<p>Even though it’s still around 30% below its highest record of $4,878 in 2021, this recent rally could indicate a potential bullish trend in the wider altcoin market.</p>
<h2 id="signs-of-an-altcoin-season">Signs of an Altcoin Season</h2>
<p>CryptoQuant analyst Mac.D suggested the start of an altcoin season on the QuickTake platform, using Ethereum’s circulating velocity and transaction growth as evidence.</p>
<p>Historically, velocity, a measure of how fast coins circulate in the market by dividing the annual coin movement by the total supply, has increased during altcoin market rallies.</p>
<p>Despite the current low velocity levels, about seven times the total supply, Ethereum’s role as a primary collateral asset for institutional investors could be crucial. The analyst noted that a rise in Ethereum’s price might stimulate DeFi liquidity and confirm the start of an altcoin season.</p>
<p>Ethereum’s recent gains are part of a broader narrative. Even though Bitcoin has outpaced Ethereum in recent rallies, Ethereum’s role as a backbone for DeFi and a preferred choice for institutional collateral positions it for substantial influence.</p>
<p>However, Ethereum faces challenges such as competition from faster and cheaper blockchain networks like Solana, Tron, and Aptos. But as Ethereum’s transaction growth and velocity improve, it is expected to drive liquidity creation, benefiting the altcoin ecosystem.</p>
<h2 id="chainlink-s-growth">Chainlink’s Growth</h2>
<p>Chainlink, a leading altcoin, supports the altcoin season theory. Chainlink has seen a 16.6% increase in the past week, with its trading price reaching $15.26.</p>
<p>This growth aligns with Ethereum’s rising activity and suggests a broader altcoin momentum. Key metrics support this case: Chainlink’s active addresses—a measure of retail interest—have surged, increasing from below 2,000 in October to over 5,000 by 21st November, according to Glassnode.</p>
<p>Chainlink’s derivatives data also shows bullish signs. Data from Coinglass indicates a 7.76% increase in Chainlink’s open interest, now valued at $294.88 million.</p>
<p>Moreover, Chainlink’s open interest volume has risen by 0.86%, reaching $726.97 million. These metrics suggest heightened investor activity and confidence in Chainlink’s near-term performance.</p>

Ethereum Soars: Experts Verify Arrival of Anticipated ‘Altcoin Season’

Table of Contents

CoinEagle.com

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