Market Expert Lark Davis Asserts That the Much-Anticipated Altcoin Season Is Far from Over

Davis believes that significant opportunities lie ahead for altcoins, particularly as their total market capitalization (excluding Bitcoin and Ethereum) hovers around $1.05 trillion.

Market expert Lark Davis has recently taken to social media to assert that the much-anticipated altcoin season is far from over despite short-term corrections and challenges the broader crypto market faces.

According to Davis, there’s still a lot of opportunity left for altcoins, especially as their total market capitalization (excluding Bitcoin and Ethereum) now hovers around the $1.05 trillion mark.

Impending Altcoin Season To Be Preceded By Several Key Factors

The market expert highlights that the current altcoin market cap is close to setting fresh highs, considering that the last peak was around $1.13 trillion in November 2021. Interestingly, he points out a similar scenario from February 2021, where the altcoin market cap tested the highs from January 2018 before breaking through.

This breakout led to an impressive surge from $360 billion in February 2021 to $1.13 trillion by November 2021 — an increase of over 200%. Once again, as the altcoin market cap crosses the $1.13 trillion threshold, we might be in for one of the largest altcoin seasons in crypto history, Davis stated.

Several key factors are contributing to Davis’s optimism for the impending altcoin surge. Among them:

Bitcoin Dominance Surges As Rally Anticipated In Alts

Further echoing Davis’s sentiments, crypto analyst Miles Deutscher argues that the real altcoin season has yet to begin, backed by compelling historical evidence. According to him, alt-seasons are not mere coincidences but distinct seasonal phenomena supported by statistical patterns.

Throughout January to May, ETH has shown impressive returns, outperforming Bitcoin during this period. While the rest of the year saw ETH clock an average return of 3%, it surged by about 28% in these months.

In addition to this, the analyst asserts that the current environment is particularly favorable for this rotation, as ETH has historically outperformed Bitcoin by approximately 20% per month during alt-seasons. As Bitcoin puts in a strong performance, capital tends to flow into ETH and other altcoins. This rotation is already evident in the recent surge in Bitcoin dominance, which mirrors patterns observed in previous alt-seasons around 2017 and 22021.

At the time of writing, ETH, the largest altcoin on the market, is trading at $3,686, down 4.4% over the 24-hour period and nearly 6% over the week.