Analysts Say Altseason Might Already Be Underway

Positive vibes have been the order of the day for the crypto sector as some major altcoins have garnered profits for three days in a row now. With almost all the altcoins market witnessing this bullish run, two front runners, Chainlink and Cosmos, have brought back the most profits.

While Cosmos took on most of the bullish move to record a 19% profit and trade around $8, Chainlink, on its part, saw a bullish run of about 17% to trade at $21.40. On the other hand, Chainlink has been enjoying ok the market presently, with the coin breaking above its all-time high record of $20, which was set in August 2020.

Chainlink and Cosmos are leading the altcoin bull run

The recent bullish run is commendable as the digital asset made this current bullish run without institutional investors’ involvement. The last time the bullish run happened on the Chainlink network, the digital asset saw high-value clients pool in their funds into the decentralized finance token. Even though one of such proud entities, David Portnoy, cleared his investment after buying the digital asset, the coin is still withstanding the market’s heat and is making surges.

David Portnoy was seemingly enraged with the coin’s performance, leading to a surge as he said the community was weak. However, January has been a good time for Polkadot as the digital asset took on a bullish momentum to trade at $15, moving from $10, its previous intraday low. Although the digital asset had now undergone price correction, the digital asset has been able to leave a lasting impact on its market capitalization, with the total market cap now worth $11.97 billion.

DeFi sector is increasing Ethereum’s price

Analysts and experts have pointed to the recent awakening in the DeFi sector, which has seen various coins in the industry undergo a massive bullish run. With the altseason already underway, altcoins take full advantage of the season to rake in more profits for its investors. If altcoins will make a massive surge, then Ethereum would be the deciding factor as the digital asset would first need to gain ground against the leading digital asset, Bitcoin.

While most altseason always starts when Bitcoin has rested on its performance, altcoins would increase the price mark in the market. Around 2017 when Bitcoin touched the $20,000 price mark, Ethereum saw a surge to trade above $1,200, a move that ushered in the altseason for that period.

Experts also believe that the altseason may well already be underway because institutional investors are now pushing funds into Ethereum. The coin is expected to make the much-needed surge. Ethereum is trading above $1,400, which shows that the digital asset is making the much-needed stride for investors.