Will Ethereum's Price Increase Against Bitcoin Create an Altcoin Season?

On Friday morning, November 22, Ethereum (ETH) surpassed Bitcoin (BTC) in terms of price increase as ETH rose 8% in the past 24 hours while BTC increased less when the market opened today. An 8% price increase has brought Ethereum to a trading level of $3,383.97, while Bitcoin is at $98,384, aiming to reach the $10,000 mark it nearly achieved by the end of the day. This ETH price surge has further fueled speculation about the upcoming 'Altcoin Season' with similar price increases seen in Solana, Cardano, and XRP. The market capitalization of Ethereum also surged 7.73% to $407.61 billion while trading volume increased by 46.45% in the past 24 hours to $51.51 billion as the market opened on November 22nd. The increase in the value of Ethereum has attracted the attention of investors as they are trying to track the price increase related to Donald Trump's cryptocurrency-friendly policies alongside the ongoing bullish sentiment. Although the cryptocurrency market has speculated about the Altcoin Season for over a week, it has not become a reality as cryptocurrency investors are still hesitant to fully invest in altcoins like XRP, SOL, ADA, and other altcoins because they want to take advantage of Bitcoin reaching $100,000. Now, that is about to happen, and the Altcoin Season is likely to begin this weekend. Historical data shows that altcoins always have strong surges when Bitcoin reaches a consolidation phase after a significant price increase, as seen recently. This leads to profits flowing into tokens with smaller market capitalization. As of Friday, Bitcoin's dominance stands at 60%, leading analysts to predict that the altcoin season will begin when BTC's dominance drops below 58%. The current altcoin season index shows a value of 33, indicating that the upward price trend will continue. All of this is aimed at increasing acceptance of altcoins, despite Bitcoin being the preferred choice of investors. This could lead to a potential breakthrough and the recent rise in ETH prices could make that happen. At the time of writing, Ethereum is trading at $3300, down 1.01% over the past 24 hours with trading volume dropping by 22% to $38.60 billion and market capitalization decreasing to $398.07 billion.