Crypto markets started the week with a bullish tone on Monday, with Bitcoin trading above $94,000. Bitcoin is increasingly gaining recognition as a safe asset, similar to gold or the US dollar. NYDIG Research pointed out that Bitcoin is shifting from a speculative investment to a reliable store of value, especially after the introduction of US trade tariffs.
Coming to altcoins, XRP led the major gains, rising almost 8%, driven by the approval of a ProShares ETF, which will see three futures-tracked products go live on April 30. Cardano’s ADA gained more than 3%, while BNB Chain’s BNB added just 1%. Ether remained neutral. Solana was also up over 1%, while SUI made gains of over 4% in the past day.
Monero (XMR), however, saw an unexpected surge, soaring over 40% to hit $371. Currently, it’s trading at $268, up 17% in the last 24 hours.
Arthur Hayes, in a recent blog post, shared that he expects altcoins to start gaining momentum once Bitcoin breaks its previous all-time high of $110,000; it could surge further, potentially nearing $200,000. However, he warned that not all altcoins will perform well during the potential altcoin season.
Analyst Moustache believes that the biggest part of the altcoin rally is yet to come. He thinks the worst is now over and expects many green candles going forward. Crypto Rover highlighted that altcoins are breaking out of a 140-day downtrend. He noted that this could signal the start of a massive utility season ahead.
Analyst Wimar.X predicts that the biggest altcoin season in history is about to begin, with altcoins forming a triple-bottom pattern, hinting at a potential parabolic rally. He expects that the total altcoin market cap could reach $15 trillion during this cycle, although such predictions come with significant risks due to the volatile nature of crypto markets.
Bitcoin is currently the dominant force in the market, holding 63.4% of the total market share. Altcoins are struggling, with their overall market strength at just 18 according to CoinMarketCap’s Altcoin Index. This suggests that Bitcoin is leading the market, and an altcoin rally may still be far away.
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