Over the weekend, the rug-pull of $LIBRA allowed BNB to capture the volume from Solana.
But it seems that Memecoin frenzy fatigue is here, CT is livid, and the market is shifting its focus back on fundamentals and utility.
Does this mean an Alt revival, where ETH and its altcoins are making a comeback?
We have a few indicators:
💧 Liquidity tailwinds:
1/ Crypto-side: FTX creditor repayments start today! ~ $1.2B
2/ Macro-side: US Treasury General Account (TGA) is drawing down later this month. ~ $800B (Until a new debt ceiling agreement is reached)
⚡️ Catalysts:
1/ ETH Denver (Next week) will come with bullish announcements that can potentially boost $ETH price.
2/ NYSE proposes rule changes to allow ETH staking on Grayscale’s spot Ether ETFs.
These indicators do not guarantee a clear ETH revival or an immediate Alt szn. While we have the favour environment, the Altcoin Season Index still places us in the Bitcoin Season (Only 3 out of 57 altcoins have outperformed Bitcoin in the last 60 days).
Yet, One thing is clear: retail is sick of extractive meme schemes, hopefully signaling a departure from pure speculation to the practical utilities for crypto projects.
Things are still looking up. 🫡
But it seems that Memecoin frenzy fatigue is here, CT is livid, and the market is shifting its focus back on fundamentals and utility.
Does this mean an Alt revival, where ETH and its altcoins are making a comeback?
We have a few indicators:
💧 Liquidity tailwinds:
1/ Crypto-side: FTX creditor repayments start today! ~ $1.2B
2/ Macro-side: US Treasury General Account (TGA) is drawing down later this month. ~ $800B (Until a new debt ceiling agreement is reached)
⚡️ Catalysts:
1/ ETH Denver (Next week) will come with bullish announcements that can potentially boost $ETH price.
2/ NYSE proposes rule changes to allow ETH staking on Grayscale’s spot Ether ETFs.
These indicators do not guarantee a clear ETH revival or an immediate Alt szn. While we have the favour environment, the Altcoin Season Index still places us in the Bitcoin Season (Only 3 out of 57 altcoins have outperformed Bitcoin in the last 60 days).
Yet, One thing is clear: retail is sick of extractive meme schemes, hopefully signaling a departure from pure speculation to the practical utilities for crypto projects.
Things are still looking up. 🫡
