According to analytics firm CryptoQuant, Ethereum (ETH), the leading altcoin, has likely bottomed against Bitcoin (BTC). 

The firm has noted that the ETH/BTC ratio has already skyrocketed by a whopping 38% from its multi-year low. 

This signals that the cryptocurrency is currently experiencing growing demand and declining selling pressure. 

Ethereum’s sudden comeback could pave the way for a new altcoin season, according to the analytics firm. 

At press time, Ethereum (ETH) is changing hands at $2,584 after adding 1.9% over the past 24 hours.  

The market cap of ETH has swelled to well over $300 billion, which puts the cryptocurrency way above XRP, its biggest non-stablecoin competitor. 

Meanwhile, Bitcoin dominance has taken a significant hit, currently teetering on the verge of collapsing below the 60% level.