Alternative cryptocurrencies, or altcoins, have shown significant growth following Bitcoin's recent recovery. This has led analysts to suggest that the market may be on the brink of an altcoin season.
Strong Days for Altcoins
In recent days, many altcoins have shown bullish growth. ParabolicPump, co-founder of Crypto Capital, noted this in a post on X dated Sept. 23: "The past few days have been very bullish for many #Altcoins!"
Bitcoin Dominance Decline
BTC is losing its dominant position. According to Cointelegraph Markets Pro and TradingView, as of Sept. 23, Bitcoin's market dominance stands at 57.39%, down 1.09% over the past week. Popular trader 360Trader noted that TOTAL3, representing the total crypto market capitalization excluding BTC and ETH, had retested the upper boundary of a falling channel.
Technical Indicators and Forecasts
Bitcoin recently rose to 58.61%, which may have marked the top for this metric, according to analyst Nebraskangooner. At the same time, pseudonymous analyst Moustance noted that TOTAL2, representing altcoins' total market cap excluding BTC, is breaking out of a descending broadening wedge that has been active for six months.
Despite positive technical indicators, it may still be premature to declare the start of an altcoin season. The altcoin season index by Blockchain Center shows that only 39% of the leading 50 altcoins have outperformed Bitcoin over the last 90 days, below the required 75% threshold for the start of an altcoin season.
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