With Bitcoin moving sideways it’s time to expect the so-called “altseason”

Traders typically use the Bitcoin’s consolidation phase as a cue to long the altcoin market, leading to beginning of the so-called “altseason.”

The top cryptocurrency went on a corrective course after setting a record high of $41,986 on January 8. After a 30 percent decline, it started consolidating sideways, with each extension leading to dimming volumes and low volatility. 

The Altcoin upside predictions also appeared in the wake of Ethereum’s long-term bullish prospects owing to a plethora of supportive fundamentals. 

They include the booming decentralized finance projects that operates atop the Ethereum blockchain, thereby increasing ETH adoption, and its switch from proof-of-work to proof-of-stake (read ETH 2.0) that effectively puts a considerable ETH supply out of circulation.

“Ethereum’s daily transaction volume is going parabolic. It now settles $12 billion in transactions daily – $3 billion more than Bitcoin. Imagine not being bullish,” asserted Ryan Watkins, researcher at Messari, a data aggregation portal.

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