The crypto market has seen significant inflows over the past 30 days, a trend that has intensified notably in the last two weeks. Interestingly, most of the inflow has been into Bitcoin, which has caused the leading cryptocurrency to break into new all-time highs back to back. 

Ethereum, although late to the party, has started to receive huge inflows in the past 48 hours. As such, the leading altcoin has surged by about 24% in the past seven days. This has allowed it to break above $3,000 for the first time since early August. This impressive Ethereum price rally is casting a spotlight on the rest of the altcoin market, especially the notion of an altcoin season.

Altcoin Market Cap On The Verge Of A Breakout

The combined market cap of altcoins, representing all cryptocurrencies excluding Bitcoin, has increased massively since the beginning of November. According to a TradingView chart initially shared on social media platform X by crypto analyst Captain Faibik, the altcoin market has been on an uptrend from a November low of $860 billion on November 4. At the time of writing, this market cap stands at $1.095

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Author: Scott Matherson