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Altcoin Season Arrives: Cryptocurrency Market Reaches Records!
Cryptocurrency market shows Bitcoin exhaustion as altcoins come into focus. Analysts predict a promising altcoin season.
Altcoin Season Arrives: Cryptocurrency Market Reaches Records!
The changes in the cryptocurrency market in recent weeks are increasingly attracting interest from investors and analysts. Experts are observing signs of exhaustion in Bitcoin, leading to increased focus on altcoins. Many analysts are already talking about an upcoming altcoin season. This is accompanied by a significant decline in Bitcoin dominance, which is currently below 63%. A weakening Bitcoin could help altcoins to outperform in the short term, such as InvestX reported.
Cryptocurrency market capitalization has seen a remarkable rise of over 15% this month, reaching a record high of $3.80 trillion on Monday. The decline in Bitcoin dominance, which was at 66% on June 27, is a clear indicator of the growing relevance of altcoins. In this context, Ethereum is seen as one of the key players during altcoin seasons. Ethereum dominance has increased to 11.02%, supporting the bullish trend of this major altcoin. Additionally, Ether has gained 16% against Bitcoin this week, reported FXStreet.
Market analyzes and forecasts
Investors and analysts agree that an altcoin season is already underway, supported by bullish patterns across various altcoins. In the charts, a so-called “cup-and-handle” pattern can be seen in the weekly chart of the market capitalization of cryptocurrencies excluding Bitcoin and Ethereum. On this basis, a possible rally of almost 100% to as much as $1.98 trillion is expected. The neck line is at $1.70 trillion, which is close to the all-time high of $1.71 trillion from 2021.
The current market environment shows a risk-on mood among investors. The CMC Fear and Greed Index is at 70, indicating an optimistic perception. Furthermore, the CMC Altcoin Season Index signals a clear trend towards altcoins with a value of 38, compared to 23 on July 1st. This could trigger a significant capital rotation within the market, which could push the market cap of altcoins to over $2 trillion.
So, the crucial moving averages putting pressure on Bitcoin dominance and increasing bullish patterns on the weekly charts seem to form a perfect scenario for an altcoin season to develop. Analysts like Peter Brandt highlight the cup-and-handle pattern and suggest that a weekly close above $1.70 trillion could start a new altcoin seasonal cycle. It remains to be seen how the market will develop in the coming weeks.