While Bitcoin broke record after record, altcoins lagged behind BTC. This has made the seemingly endless altcoin season a never-ending affair. While there is no consensus in the market regarding the altcoin season, some analysts argue that the altcoin season has started, while others argue that it has not started yet. At this point, the latest updated analysis came from Bitfinex. Bitfinex analysts argued in their latest market report that the altcoin season will not begin until more cryptocurrency ETFs are launched. While most analysts are still looking at historical patterns and Bitcoin dominance to predict the start of the altcoin season, Bitfinex analysts have relied on the fact that the last cycle has been ETF-driven. Accordingly, analysts noted that the start of the altcoin season depends on the launch of more crypto ETFs other than Bitcoin and Ethereum ETFs. Analysts noted that crypto ETFs would bring sustained, price-independent demand and also encourage the institutional inflows that Bitcoin and Ethereum have already experienced. According to analysts, the launch of ETFs, especially those that will provide direct access to altcoins, could create permanent demand in this area and initiate the altcoin season. “These ETF products are likely to create sustainable demand that is price-independent.” Analysts have recently noted that the current cryptocurrency market is cautious and quiet. Bitfinex described the market trend as “sluggish.” Analysts noted that while capital inflows are still positive, investor appetite is weaker than the aggressive demand seen in previous rallies. The sluggish market is also limiting altcoin momentum despite Bitcoin's recent volatility, according to analysts. *This is not investment advice. Continue Reading: Attention Those Expecting an Altcoin Rally! Bitfinex Analysts Announce: The Altcoin Season Won't Begin Until This Happens!
