Comment on the altcoin season from Crypto Kemal

In the crypto market, while Bitcoin (BTC) has managed to maintain a price above 100 thousand dollars with institutional purchases, there is no movement on the altcoin side. In fact, BTC's dominance in the market has taken on a frightening level. The last time this level was seen in BTC dominance, which climbed to 65% with the rise recorded last week, was in October 2021.

In the Israel-Iran war, while exchange-traded funds ( ETFs ) show a relatively solid picture with substantial institutional purchases compared to BTC, which is performing well, most altcoins are trading close to their all-time lows. Coinmarketcap's Altcoin Season Index has dropped to 22 points as a result of recent price movements. Among the altcoins that have suffered losses in the past three months, Celestia ( TIA ) ranks first with a 56% loss in value. Pi Network's ( PI ) 30.5% and Near Protocol's ( NEAR ) 20% mediocre performances have also drawn attention.

"The rise period will certainly come"

We asked the crypto phenomenon Crypto Kemal, who spoke exclusively to Coinkolik at Istanbul Blockchain Week, about his views on the altcoin season. "This is on everyone's mind. What will happen to these altcoins? But it's not like it used to be," said Crypto Kemal. He added, "Of course, a rise period will definitely come. I don't think it won't happen. Bitcoin dominance needs to reach its peak, and the Bitcoin price has to peak as well, leading money to shift to riskier assets. We have been in this expectation for two years. Money is not flowing into altcoins. We have no choice but to wait."

"If approval comes for altcoin ETFs in October..."

Crypto Kemal, who touched on the eagerly awaited altcoin ETFs in the market, said, "SEC Chairman Paul Atkins has a lot of tasks ahead of him. He has 50 files in front of him, including the ETF and staking. The deadline for him to approve them is the end of October. If he approves all the ETFs in October, we might see activity in altcoin ETFs. I expect the approval of Solana (SOL), Litecoin (LTC), and Hedera's (HBAR). Maybe it could be Dogecoin (DOGE)."

Another question mark in the market is whether a rally shaped around decentralized finance (DeFi) projects will come, just like in the summer of 2021. Regarding the topic, Crypto Kemal said: "If Ethereum (ETH) rallies, the DeFi summer will also come. The fuel of DeFi is Ethereum. I also expect the staking approval for Ethereum to come."

This article does not contain investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.