Recent analyses indicate that altcoins are gaining momentum and may reach a new high of $2.78 trillion. This article examines market shifts associated with the decline in Bitcoin dominance.
Potential for Altcoin Growth
Recent analyses of altcoins reveal bullish patterns that suggest the onset of an 'altcoin season.' Notable trader Jelle highlighted a 'cup-and-handle' pattern forming on the TOTAL3/USD weekly price chart. A breakout above $1.1 trillion could lead to a surge to $1.98 trillion, with Jelle stating, 'Altcoins have broken out from the multi-year cup and handle!'
Decline in Bitcoin Dominance
Bitcoin dominance, reflecting its market share relative to the overall cryptocurrency market, has sharply declined, reaching an eight-week low of 62.61%. Many analysts suggest this signals the potential start of an altseason as altcoins start to outperform Bitcoin.
Analyst Predictions
Analyst Peter Brandt confirmed a similar movement on the TOTAL2 charts, predicting a 97% rise in the altcoin market potentially hitting $2.78 trillion. 'It's altcoin season,' he noted. However, some experts warn that the indicators of an altseason are not yet sufficiently robust to confirm this trend.
In light of the observed altcoin growth and Bitcoin dominance decline, market observers and traders are highlighting the potential start of an active altcoin season. Nevertheless, continuous market monitoring and risk consideration are essential.
