Will Ethereum pave the way for an altseason?
It appears to be an absolute era since one of the infamous “old seasons” of cryptocurrency, in which bitcoin dominance typically declines as coins and tokens with lower market capitalization rise exponentially.
The term was first realized during the hype-fueled ICO boom of 2017, in which Ethereum, XRP, Bitcoin Cash and even micro-cap altcoins made astounding gains.
However, as the hype slowly subsides, the potential of a new legacy season remains as the institutional and retail focus remains firmly on the world's largest cryptocurrency, Bitcoin.
Bitcoin is by far the most important capital within the ecosystem, as futures contracts are traded on the world's major futures exchanges, which enables hedge funds and institutional traders to get involved.
But as Bitcoin slows down after the much-anticipated halving last month, it looks like Ethereum has broken above an important resistance level to start a fight.
Since Ethereum peaked at 0.0285 BTC in February, it has formed a uniformed symmetrical triangle that has finally broken up this week.
It's worth noting that Ethereum is still facing major resistance against its USD pair, but its performance against Bitcoin could be a sign of the future.
A measured move against the recent Bitcoin outbreak would bring Ethereum to at least 0.03 BTC, which would be about $ 270 if Bitcoin remains stable.
Although bitcoin dominance has stagnated throughout June, it also seems to be ticking down as the bullish sentiment on altcoins continues to increase.
Since Ethereum is by far the largest old coin in terms of market capitalization, it is expected to be the first market driver, especially given the upcoming Ethereum 2.0 upgrade.
Ethereum 2.0 hopes to solve the long-standing problem of scalability across the Ethereum blockchain, where fees and transaction times have increased dramatically in volatile market phases.
A successful upgrade could serve as a catalyst for a new legacy season, although altcoins like XRP need serious volume injection to follow Ethereum's example.
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