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August is bleak but a signal for the altcoin explosion – Does history repeat itself?
August is famously known as the time that stirs up the altcoin market, often experiencing a sharp fall before bouncing back stronger. This year, altcoin continues to plummet, leading many to wonder: are we about to witness another major breakout?
With bold predictions surrounding the rise of Ethereum (ETH) – a coin that often leads altcoin price surges, history may be poised to repeat itself.
August of sorrow, September of prosperity?
Altcoin seems to be following a familiar pattern every time August comes around: a strong adjustment followed by a fierce bounce back.
As AshCrypto pointed out on platform X, in the years 2023 and 2024, the market capitalization of altcoin decreased by 28% and 40% respectively, but then surged over 140% in the following months.
If the pattern from the past repeats, this correction may just be a preparation step for another altcoin breakout that investors are closely monitoring.
ETH signals altcoin season
Just a few days after predicting that ETH would reach the $8,000 mark, Eric Trump returned to platform X with the bold message "buy the dip" and this time he tagged both Bitcoin and ETH.
Although supportive statements are not uncommon, the role of Ethereum as a leading indicator for the altcoin season makes this message worth considering.
At the same time, the dominance rate of Bitcoin (BTC.D) has fallen from over 65% in July to around 62%; indicating that capital is gradually shifting away from BTC and flowing into altcoins.
Eric Trump's call is just part of the sentiment building on the charts that altcoin may be accumulating in preparation for the next breakout.
Minh Anh