Is the Crypto Winter Ending? Ethereum Leads a Quiet Altcoin Revival

After what many traders are calling a long “bear winter,” there are early signs that the crypto market could be warming up. Despite record-low social media engagement and widespread frustration over months of sideways price action, data points to a budding recovery, led by Ethereum’s surprising strength.

The “Ethereum Cycle” Emerges

Inside this gloom, a report by Willy Woo has identified a key turning point: the market is entering an “Ethereum cycle.” Historically, when Ethereum begins to outperform Bitcoin, it signals that wider altcoin strength is building.

In the past few weeks, ETH has indeed outpaced BTC by 40%, even as many smaller coins continue to slide. Big names aren’t waiting on the sidelines, BlackRock purchased $36.7 million worth of Ethereum in a single day.

Ethereum’s price has bounced strongly from its April low but has since been trading sideways. However, Ethereum accumulator addresses are now buying at some of the highest rates ever, even though the price remains below $4,000. This level of accumulation hasn’t been seen since the market’s peak and Q4 looks set to be extremely bullish for ETH.

Related: These Altcoins Are Defying the Crypto Slump with Double-Digit Gains

Source: TradingView

A closer look at the total crypto market cap (excluding Bitcoin) shows it quietly carving out higher lows—the same pattern that marked past market bottoms. This shows that the worst may be behind, and that a breakout could be building momentum under the surface.

Can Cardano Spark the Broader Rally?

All eyes are also turning to Cardano (ADA). Despite ongoing market weakness, ADA has quietly rallied almost 200% from its bear-market lows.

Related: Whales Accumulate ETH and ADA as Retail Sells in Fear, Data Shows

If Ethereum’s leadership signals a thaw, Cardano’s strong performance could make it one of the first altcoins to “bloom” in this new cycle.

Old Playbooks Don’t Apply

According to analyst Michael Van De Poppe, part of the problem for altcoin investors has been clinging to outdated market cycles from 2017 or 2021. Today’s crypto environment is more complex and driven by big-picture forces, like rising or falling interest rates, inflation trends, and the weakening U.S. dollar. Those factors now shape crypto moves as much as on‑chain activity.