Altcoin Narrative Returns as HYPE, ZEC, NEAR Lead Market Gains

Altcoins may enter a positive phase despite their recent crash. According to experts, this trend is led by ZEC, NEAR, and HYPE. Traders and investors are now showing confidence in these tokens despite the overall negative sentiment.

As capital now increasingly flows into altcoins, rather than Bitcoin, experts expect the emergence of an Altcoin Season. This also suggests that the momentum could soon reflect on related sectors like AI protocols, privacy coins, DEXs, etc.

Altcoin Season Hopes Rise Amid Top Assets’ Rally

In his latest X post, analyst Michael van de Poppe highlighted the potential emergence of an Altcoin Season. He wrote on X, “This is clearly the season where we’ll see a lot of upwards momentum on Altcoins.”

Strengthening Michael van de Poppe’s analysis, another major analyst known as CW noted that the crypto market is getting closer to an Altcoin Season. The analyst cited that the Bitcoin dominance is waning, strengthening the altcoin momentum.

According to the 180-day Altcoin Season Index, the market is currently at 18.58. While this suggests that Bitcoin has been overpowering altcoins for months, this could soon end. Bitcoin’s supremacy in the market may soon collapse, pushing alternative tokens up.

Further reiterating this sentiment, BitMine’s Tom Lee stated that the crypto spring has already commenced. He believes altcoins like Ethereum will lead the next crypto rally. His words read,

“Crypto Spring, in our view, has commenced, and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen.”

ZEC, NEAR, and Hyperliquid Spark Attention

Van de Poppe’s analysis focused on the major altcoins like Zcash, Near, and Hyperliquid. These tokens gain increased attention due to their recent remarkable performance. It is worth noting that Bitcoin has been caught within the red zone over the past few months. At the same time, ZEC, NEAR, and HYPE have posted significant gains. 

As of press time, ZEC ZEC-6.62% is valued at $615.18, marking a notable hike of 73% in a month. Despite a 6.5% decline over the last 24 hours, Zcash has surged by about 10% in a week. Trading at $59.75, Hyperliquid HYPE-5.55%is up by about 24% in a week and 45% in a month. But it is down by nearly 5% in a day. At the same time, Near NEAR13.94%has posted significant gains on a daily, weekly, and monthly basis, surging by 15%, 65%, and 93%, respectively.

Adding more intrigue to the analysis, market expert CryptoJack took to X to share his insights on ZEC’s performance. According to him, Zcash is currently trading above a critical support line, hinting at its potential upside. He noted,

“ZEC IS CURRENTLY HOLDING ABOVE AN ASCENDING TRENDLINE SUPPORT Will ZEC manage to hold this support and continue the move higher?”

At the same time, the possibility of NEAR’s sustained uptrend is visible in the recent whale activity. In an X post, Lookonchain revealed a significant whale movement. A large trader, identified as 0x7be1, has opened a 10x long position on 2.34 million NEAR tokens, worth a massive $6.45 million. The same whale has placed limit orders for another 813K tokens to his long positions. This indicates that the whale is highly bullish about the Near crypto’s potential rally.

The Hyperliquid crypto also performed well during these days. HYPE hit a new all-time high of $64 recently.

Altcoin Rally Expands Beyond Major Tokens

Further, Michael van de Poppe noted that the altcoin market rally could expand beyond these tokens. Investors are seeking projects that could offer bigger gains. Thus, they are repositioning from larger coins to smaller projects.

As part of this trend, AI-focused projects, privacy coins, and RWA platforms are in focus. This is because traders believe that these sectors have growth potential. DEXs and perpetual trading platforms are also in line.