- The crypto cash rotation is expected to escalate after Bitcoin price establishes a solid support level in the coming weeks.
- The second wave of the altseason is anticipated to materialize in the near term.
- The rise of the meme coin frenzy has attracted significant attention from new investors in the recent past
The cryptocurrency market has remained choppy in the past 24 hours with more than $650 million liquidated from the leverage traders. Bitcoin (BTC) price led the altcoin market in a significant shakeout as the macro bull run prepares for the parabolic financial phase. Moreover, Bitcoin price has flashed signals of falling below $60,000 in the coming days, despite the increased demand from institutional investors led by MicroStrategy and BlackRock.
The short-term crypto volatility has not deterred traders from preying on potentially profitable setups in the altcoin market, in anticipation of the second round of the altseason.
Ethereum Market Dynamics
The Ethereum network just completed its largest upgrade since the Shanghai one last year dubbed the Dencun upgrade, which has turned out to be a classic sell-the-news event.
However, the Ethereum community is anticipating the approval of the spot Ether exchange-traded funds (ETFs) by May, which is based on the recent approval of spot Bitcoin ETFs. Moreover, the same fund managers that applied for spot Bitcoin ETFs and succeeded, led by BlackRock, are now racing to offer spot Ether ETFs.
Top Altcoins to Outshine Ethereum in the Near Term
According to a top cryptocurrency trader alias The BitWhale expects top-cap altcoins to outshine Ethereum before May. Some of his top picks include Polygon (MATIC), Cardano (ADA), and Polkadot (DOT).
In addition, the crypto analyst expects layer twos (L2s) projects like Manta Network (MANTA) to register 2X against Ethereum during the upcoming session two of the altcoin rally.
