Altcoin ‘wildfire’ inbound as trader shuts down bear market fears

A crypto trader has pushed back against claims that altcoin season is already over, arguing that it hasn’t even started yet, as many tokens are still near their local price bottoms.

“I don’t understand why people start claiming that a bear market is around the corner,” MN Trading Capital founder Michaël van de Poppe said in a May 28 X post.

“They are literally on the bottom,” van de Poppe added before stating that the “final easy 12-24 months are coming.” While many altcoins have posted gains over the past 30 days, they remain below their levels from the market uptrend until US President Donald Trump’s inauguration in January.

Solana (SOL) posted 17.84% gains over the past 30 days, trading at $175.17, but is still down 32% since Jan. 19, according to CoinMarketCap. Meanwhile, XRP (XRP) posted gains of 1.98%, trading at $2.31, but is still down 29.35% since Jan. 19.

Van de Poppe’s claim comes after Bitcoin (BTC) traders have recently been calling for a pullback after it reached its $111,970 all-time high and seven green weekly candles. 

Other analysts have echoed similar sentiments to van de Poppe.

“Soon, Altcoins will turn into a wildfire,” crypto trader Davinci Jeremie said. Meanwhile, crypto trader Moustache said that “altseason isn’t just a meme. It’s coming ladies & gentleman.” 

Related: Altcoins’ roaring returns and falling USDT stablecoin dominance suggest ‘altseason’ is here

Many crypto market participants believe that the altcoin season will begin after Ether (ETH) has a period of outperformance relative to Bitcoin.

The ETH/BTC ratio is 0.02430, up 26.74% over the past 30 days, according to TradingView data.

However, CoinMarketCap’s Altcoin Season Index — which tracks the performance of the top 100 altcoins relative to Bitcoin over the past 90 days — still shows the market leaning toward Bitcoin, with a 24 out of 100 score.

Fartcoin (FARTCOIN) led the top 100 cryptocurrencies in gains over the past 90 days with a 316.72% increase, followed by Four (FORM) at 148.15% and Virtuals Protocol (VIRTUAL) at 107.47%.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.