With Bitcoin’s dominance reaching multi-year highs and its price rising near $68k, the crypto market is going through a pivotal time. According to analysts Ash Crypto and EGRAG Crypto, this could cause shifts in market tendencies.
Moreover, they hypothesize that altcoins may soon show better performance while Bitcoin keeps rising.
What you'll learn 👉
Bitcoin Dominance Reaching Peak Levels
In tandem with the price increase to $68k, BTC dominance, a measure of the assets’s market share relative to other crypto tokens, has surged to a 42-month high.
Per Ash Crypto, should Bitcoin rally toward $80k to $90k in the upcoming month, BTC dominance could increase even further to 61%.
EGRAG CRYPTO echoes this sentiment, stating that Bitcoin dominance is approaching “the final stage of a topping formation.” This development, according to EGRAG, sets the stage for a unique market scenario where Bitcoin’s price may continue to rise while its market dominance begins to wane.
Altcoin Season on the Horizon
Both analysts foresee a shift in market dynamics favoring altcoins. EGRAG CRYPTO emphasizes that when Bitcoin dominance falls while its price surges, it creates an ideal environment for altcoin growth.
The analyst warns followers to stay alert, describing the potential market move as “FAST and FURIOUS.”
Ash Crypto draws parallels to the previous market cycle, recalling that Bitcoin broke its ATH of $19,500 on December 16, 2020. Bitcoin dominance peaked 18 days later, on January 3, 2021, which was followed by five months of exceptional altcoin performance.
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Timing and Strategy for Investors
The analysts offer different perspectives on timing. EGRAG CRYPTO suggests the altcoin rally could begin imminently, urging followers not to “blink” or risk missing the opportunity.
Ash Crypto, however, presents a more measured timeline, advising investors to hold their altcoins for the next six months in anticipation of the coming “ALTSEASON.”
Ash Crypto also notes that Bitcoin may outperform altcoins for a few weeks as it approaches new all-time highs. The analyst predicts that altcoins will start to outpace Bitcoin once it establishes a clear uptrend beyond its previous record.
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