Ethereum Outpaces Bitcoin in July: Altcoin Season Incoming?
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Ethereum's recent surge has outperformed Bitcoin in early July, marking only the second time this year. This positive trend could signal the beginning of an altcoin season, as historical data shows ETH outperforming BTC often precedes broader altcoin market rallies. In the first week of July, Ethereum saw a price increase exceeding 2.5%, compared to Bitcoin's 1.2% gain. This performance mirrors a similar event in May, where Ethereum rallied by over 41% while Bitcoin saw an 11.1% increase. Although Ethereum remains below its all-time high of $4,800, the May rally positively impacted the altcoin market, with tokens like PEPE and BONK experiencing over 100% gains. This current outperformance is encouraging for altcoin investors, as Ethereum's past performance suggests its strength often translates to broader altcoin market growth. A similar 41% increase from Ethereum's current price would propel it towards the $4,000 mark. However, it is important to note that July's historical performance for Ethereum has been mixed, and the third quarter overall shows an equal distribution of positive and negative closes over the past decade. Therefore, while the current trend is promising, the future performance of Ethereum and the altcoin market remains uncertain and should be approached with caution and further observation.
(Source: https://www.newsbtc.com/news/ethereum/ethereum-outperforming-bitcoin/)
