Whilst we’re still yet to breach a crypto summer some 18-months into the ongoing bear market, it's safe to say that things on the Bitcoin (BTC) and altcoin front have looked more optimistic over the past month. So, when is the next crypto bull run?
Although we have ‘Uptober’ to thank for that, as well as the continuous outcries for an institutional Spot Bitcoin ETF approval to be made, there are many cogs driving today’s ever-relentless crypto machine, with this article to explore the conditions and developments of those most relevant.
When is the next crypto bull run?
BTC loses market dominance…
For much of last week, BTC had been trading sideways between the $34,000-$35,000 range - with the only exception being Wednesday 1st November when $36,000 was hit.
However, with such sequence being rather boring to those of the speculative accord, degenerate traders decided to do what they often do… which is to rotate towards riskier, more-exciting investment routes such as altcoins.
Such journey along the risk curve often has two stops, with the first being Layer-1 protocols that host tangible utilities such as Ethereum (ETH), and the second being speculative memecoins such as Dork Lord ($DORKL) and Dork ($DORK).
Whilst the latter here holds little explanatory power when it comes to analysing the current state of crypto affairs, the former most certainly does.
For example, last week’s fall in Bitcoin dominance simultaneously saw a rise in altcoin rallies. In turn, this caused crypto’s total market cap to surpass $1.3 trillion - a benchmark that many believe signals the beginning of the next bull run.
That being said, if Bitcoin were to undergo another bullish outbreak in the weeks to come - say…from Spot Bitcoin ETF developments - investor funds will likely pour back into the BTC ecosystem, further leaving altcoiners at a loss (in the short term that is).
However for now, no one can be too sure as to where Bitcoin’s fate lies in the near future, as many believe that another test at the $31,000 price level is needed before a sustainable price outbreak can be achieved.
Investor Ethereum Rotations
Anyhow, if Bitcoin steadiness and altcoin bullishness continues to persist, notable impacts on the granddaddy of all altcoins, Ethereum (ETH), are said to be on the horizon.
This then takes us to the ETH/BTC chart, which as of this week, shows Ethereum’s first sustained rally against Bitcoin since September.
In fiat terms, ETH is also on the cusp of breaching $1,900 for the first time since July - where if investors continue to rotate into altcoin antics, such price is touted to pump another 20% to $2,400.
Pivotally, positive price action for ETH would emit more bullish impacts across the vast ERC-20 altcoin ecosystem - i.e. the space that makes-up a notable portion of the current crypto world.
If such a sequence were to happen, many traders suggest that it signals the beginning of the next bull run - with such consensus forming from the fact that all relevant corners of crypto matters would be actively engaged in demand-fuelled trading…from Bitcoin, to smaller altcoins, to Ethereum.
In turn, a sustained $1.3 trillion market cap breakout is what could be observed here, meaning such milestone is what all crypto hopefuls should be looking out for.
When is the next crypto bull run? Let us know your thoughts on X…
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This article is intended for educational purposes and is not financial advice.