Market analysts believe that the period when lesser-known cryptocurrencies significantly increase in value during a bull market, often referred to as “altseason,” may be just around the corner.
April 11 marked the observation by trader and analyst ‘Rekt Capital’ that the total market value of altcoins has remained steady, despite Bitcoin’s (BTC) price fluctuating significantly over the past few weeks. For some time now, this value has been repeatedly tested as a source of support at approximately $315 billion.
Cryptocurrency investors are closely monitoring the markets for altcoins because they offer greater potential for profit compared to more established coins, and some believe these will experience significant growth during the upcoming stage of the bull market.
Historically, the prices of most altcoins have risen more slowly than Bitcoin’s. However, graphs like the market capitalization of altcoins and Bitcoin’s dominance can give traders clues about when altcoins might enter a bull market of their own.
Although altcoins haven’t reached that level, they experienced corrections after their price peaks in mid-March. In contrast, Bitcoin is still near its record-breaking price of over $70,000.
Recently, Bitcoin’s market dominance, which has stayed above 50% since September 2023 and is now at 54.5% as per TradingView, is drawing the attention of analysts once more.
According to analyst “Crypto Nova,” the point when Bitcoin’s dominance wanes and that of altcoins increases is when these alternative cryptocurrencies really come into their own.
She pointed out that such dramatic peaks and valleys in the chart, marked by “strong-up candles,” have yet to emerge. Instead, the graph seems to be hovering around a stable level, a common precursor to a shift in direction.
The renowned technical analyst in the crypto world, often referred to as ‘Titan,’ expressed his viewpoint in a recent post on X, predicting that “another rally for alternative cryptocurrencies is imminent.”
An analyst mentioned the significance of the Ichimoko technical indicator in potentially hindering Bitcoin‘s supremacy and triggering an altcoin season.
During the same period, analyst Kevin Svenson shared with his 140,000 followers on platform X that the altcoin market cap is poised for a significant surge. He emphasized, “It’s important to remember that following Bitcoin‘s halving, the focus typically turns towards alts.”
The values of most alternative cryptocurrencies aren’t changing much today, with the overall crypto market maintaining approximately $2.74 trillion in capitalization.
Except for a few exceptions like Toncoin (TON) that reached a new record high, the majority of high-value altcoins have significantly dropped in price compared to their peaks in 2021.
Six digital currencies, including XRP, Dogecoin, Cardano, Avalanche, Bitcoin Cash, and Polkadot, have experienced significant drops, with each losing around 60% or more from their all-time highs. In contrast, Bitcoin has only seen a decrease of less than 5% since reaching its own record peak.
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2024-04-12 06:57